As much as you marry for love, when it comes to divorce, it’s money you should focus on. That and the well-being of any children you have.
Most people understand that you need to split your assets and work out any child support payments in a divorce. Yet there’s more to that than many people think. It is too easy to focus on the big assets, such as the house while overlooking smaller financial issues. Here are some of them:
1. Any outstanding debts
These, too, may need splitting when you divorce. There are occasions when you may need to persuade a court that a particular debt should stay entirely with the other person.
2. Any physical assets apart from real estate
Your house is likely your biggest single physical asset. Yet if you look at the contents of your house, they too may add up to a considerable sum. It is particularly true if you have pieces of art hanging on the walls or antique furniture filling the floors of the house.
3. Any assets you do not know about
Spouses can sometimes be dishonest with each other about money. If your spouse bought things without telling you, they might not declare them when listing the assets to be divided. If you have suspicions, you may need help to track them down. If you find anything, a court may penalize your spouse for their deceit by awarding you a greater share of assets.
Failing to fully understand the extent of your assets and debts could turn out costly in a divorce. Consider legal help to ensure you account for everything.