Divorce is one of the most traumatizing and emotional times in the life of a person. It is a process that involves making some of the life-altering financial and permanent decisions. Individuals who are have undergone through this situation can tell you about the fear and anxiety associated with it. Fortunately, education is helpful in alleviating that fear. The following are some of the important factors that you should know whenever you are filling for a divorce.
Money will always be an issue when filling a divorce
Money is a serious issue when it comes to divorce. It is therefore important to do your homework even when you ex-spouse promises to treat you fairly or when the deal seems to be too good. Avoid making offers out of feelings when you are on the negotiating table. Seeking for professional help and other crucial information is another great idea.
Dividing the properties equally is not guaranteed
Matrimonial property is not always divided equally among the couples. Most of the properties are affected by tax implications thereby affecting their value. Overlooking this fact means that you can end up getting less property or even face taxation issues in future.
Divorcing your house
Your house is one of the largest family’s assets. A decision has to be made on who will retain this asset. This decision is mainly determined by the responsibility and the amount of money involved. Before signing any legal agreement, you should ask yourself if you are qualified for a mortgage. If you qualify, then you should ask yourself the following questions
- Whether you will be able to maintain your home
- Do you have energy and time of maintaining a home? For instance, can you clean your house and mow the lawn
- Can you afford to rep the debts?
Businesses and pensions need to be valued properly
Apart from your house, a pension is another most valuable asset that you can have especially if have worked for many years. The true value of a pension can be determined by hiring a trained actuary. You should avoid relying on your annual statement since it might not be correct. Failure to evaluate your pensions means that you will lose a lot of money that could be included in the matrimonial property. Your businesses should also be valued to determine what each spouse will receive. However, the process of valuing a business is very complicated and can only be done by a reputable business valuator.