When you first consider divorce, there are often many financial questions and concerns. A complete resolution will answer many of these questions, but it is important to have a complete understanding of the financial situation before coming up with resolutions. These questions are designed to help you think through the financial issues and build that foundation from which to negotiate.
- What are your assets? This includes all bank and investments accounts, retirement accounts, real estate, debts (including loans, mortgages, credit cards and student loans), vehicles, and personal property.
- What are your liabilities? This includes all personal loans, bank loans, mortgages, credit cards and student loans.
- Do you have a full understanding of your financial situation? This is necessary for negotiations to happen in good faith.
- What are your financial goals? What is most important to you financially moving forward after the divorce.
- What is less important? What part of your financial picture are you willing to give up or do you not care as much about?
- What are you most scared about financially? This can help your team know where to focus their attention to make the resolutions most comforting.
- Do you have an outside financial advisor? It may be helpful to have your outside professionals work with your divorce team to make sure everyone has the same information and you are not receiving conflicting advice.
- What is your earning potential moving forward? Your capacity to earn is likely to be an important piece of the divorce finances so it is good to think about it ahead of time.
- Do you expect changes to your financial situation? For example, are you expecting an inheritance? Do you have any large expenses coming up?
Think about these questions should prepare you to move forward in the process with the foundation to make good decisions. Using collaborative professionals, both legal and financial, can help you reach resolutions that fully address your financial needs. Learn more at www.collaborativelaw.org.
Kimberly Miller
Attorney, KM Family Law, LLC
Kimberly Miller, JD, MA, LAMFT is known for her ability to resolve challenging family issues without resorting to aggressive legal strategies that are damaging to vital family relationships. After years of litigating business and family disputes at a prominent national firm, she recognized the devastating psychological and financial impact that litigation can have on individuals, couples, and other loved ones. She decided to establish her own practice to promote alternative forms of dispute resolution, such as collaborative law and mediation, to reach consensus. Learn more at www.KMFamilyLaw.com
