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Finances and divorce: Watch out for these 3 issues

Division of assets during divorce can result in contention. This portion of the split involves a careful review of all assets and debts. The divorcing couple must take every marital asset into consideration or else find themselves dealing with surprises after the divorce is finalized. These issues can be mitigated by knowing some common issues.

Three examples include:

  • Debts. Do not forget to take all financial obligations into consideration before finalizing the divorce. Debts do not disappear with a divorce decree. These obligations will survive the divorce. The parties are wise to put together a plan to address these debts before finalizing the divorce. Pay special attention to mortgages, car loans and credit cards.
  • Taxes. A divorce settlement agreement will impact your tax returns. Discuss these impacts and make sure you are prepared. These discussions can include who gets to claim children as dependents on returns and how to handle taxes tied to property.
  • Real estate. Speaking of property, the division of real estate during a divorce is often difficult. This is particularly true when it comes to a family home. Will the home be kept or sold? Is one spouse getting the home because he or she has primary custody of the children? If so, does that spouse bear the entire cost or are certain costs split?

These are just a few of the issues to address during a divorce. Parties are wise to discuss these and other issues with legal counsel. You can mitigate the risk of surprises by seeking the counsel of an attorney experienced in these matters.

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