Managing Finances After Divorce
Divorce is never a topic that is fun to discuss, and yet so many people face this difficult arrangement and must learn to manage it. There are many considerations to take into account at the time of a divorce and perhaps one of the most stressful is finances. You must take your assets and finances and determine how to split them, as well as how to fully support yourself after the divorce is final. This is a difficult topic at any point in time, but when you are also facing the emotional impact of a divorce you should not have to spend any additional energy researching how to protect your finances. For this reason, the San Antonio Express-News created an article detailing some of the best steps to take to secure your finances during a divorce.
Justin Miller is a wealth strategist at BNY Mellon Wealth Management, and he offers several important pieces of advice about how to ensure that you control your finances after a divorce. His first piece of advice is to start detailing your financial plan early in the divorce process. Next, he recommends that you update your pension or 401(k) plan, if your spouse is the beneficiary of the plan. This protects your pension and ensures that your money does not still go to your former-spouse in the event of your death. The next most important decision to make is to determine how you will manage a jointly-owned house. If you or your spouse is planning to sell the house after your divorce, Miller recommends that you work together and sell the house before the divorce is final. This allows you to make more money off of the sale because a smaller percentage of the profits are taxable, due to capital gains exclusion, when you and your spouse are still considered co-owners. According to Miller, These are the two most important ways to protect your finances after a divorce.
Managing finances even under the best of circumstances is difficult, and the worry and struggle are only increased when you are also facing a divorce. Miller offers sound financial advice to follow the first steps during your divorce proceeding. However, these alone do not cover the number of different financial questions and problems you may face. If you and your spouse have children, you must determine how to handle expenses related to their care and well-being. Additionally, other jointly-owned property may be difficult to split or sell, and you must choose how to best protect your interest in them. These are just a few of the remaining questions and concerns you may have about your finances.
Fortunately, if you are struggling with how to proceed, whether financially or with the divorce process itself, an experienced family law attorney can help you understand your rights and make the right decisions. A San Antonio lawyer, such as Higdon, Hardy & Zuflacht, L.L.P, can help you protect yourself and your assets after a divorce, which will allow you to move forward with your life