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Avoid common financial pitfalls in divorce

When a marriage ends in Oregon or anywhere else around the nation, couples often find that their financial situation is negatively affected. Incomes are typically reduced, yet each household has its own set of expenses. Financial experts have identified several areas of concern for women involved in a divorce. However, men as well as women would be advised to avoid these pitfalls.

Advisors suggest that keeping the home in a divorce settlement is not always the best decision. Many expenses come with the house, such as the mortgage payment, repairs and maintenance. This could prove burdensome for one spouse to handle alone. Another area of possible concern is how assets are valued. Two assets may appear to be equal in a property listing, yet not be equal when potential taxes and other miscellaneous expenses are taken into consideration.

It is also critical to have a thorough understanding of the all finances in the relationship. Certain items such as time shares, stock options or tax refunds are things or value and should be listed in the process of property division. Experts stress the importance of life insurance for everyone. This is particularly vital when spousal or child support is provided. Life insurance policies may be used to secure those types of payments should a death occur.

Finally, everyone should have a complete understanding of the divorce settlement before signing it. The decisions reached in the process will have long-lasting effects on a person's financial situation. Therefore, it should be scrutinized heavily to ensure that both short-term and long-term needs are adequately addressed.

There are many potential changes to someone's life when going through an Oregon divorce. To ensure that a person's current and future needs are considered, it would be advantageous to seek the guidance of a knowledgeable attorney. An experienced lawyer will help clients navigate the complex process and work toward the best outcome possible in the proceedings.

Source: rochester.wickedlocal.com, "INVESTORS, PLANS & MONEY: Divorce requires planning", Bill Harris, Oct. 26. 2017

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