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Keep finances straight during a divorce

When a marriage comes to an end in Oregon or elsewhere around the country, there are many issues to address. Some of the most significant decisions made following a divorce likely involve finances. Though getting a divorce can be an ordeal, experts recommend keeping a level head and paying close attention to money matters.

In many instances, a person may be thrust into making financial decisions for the very first time. For this reason, advisors strongly suggest utilizing a variety of experts in the process. Depending on the situation, someone may seek the services of a lawyer, an accountant, a financial advisor or a counselor during the course of the divorce process.

An important place to start is to gain a thorough understanding of all income and debts amassed as a couple. A person then needs to know how many funds are needed to cover all living expenses if living alone. Another consideration is how assets will be divided among the ex-spouses. Some couples may have a pre-nuptial agreement that specifies the treatment of some assets.

Other possible issues to discuss include child support or spousal support. The amounts are typically established in court by a judge. In some instances, these are paid only until a spouse is able to be self-sufficient. Social Security benefits and insurance policies must be considered in a divorce situation as well.

Clearly, there are many complex issues to address when an Oregon couple gets a divorce. To protection one's interests, it is beneficial to seek the guidance of an experienced divorce attorney. A knowledgeable lawyer is a valuable partner who will work toward achieving the best possible results in the divorce process.

Source: kare11.com, "Navigating divorce while keeping finances straight", Kim Insley, Sept. 13, 2017

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