Divorce and Money Tips

            Knowledge is power in divorce. Knowledge about your money will help you make divorce decisions.  When you find yourself in divorce, there will be a time when you are gathering information.  And, one of the areas you will be gathering information about is your estate.  Your estate includes property, accounts, assets and will be part of the negotiation process, a trial or hearing if you have one, and the divorce decree. 

  1. As you move through this part of divorce don’t be intimidated. This is the time to get informed, if you don’t know something. If you don’t understand something your divorce attorney said, ask a question.  If you don’t know what your estate includes, start doing some homework.  And, talk to your divorce attorney.
  2. Everyone can learn.  It’s common to have a division of labor in a marriage.  If you were the one that didn’t pay the bills and manage the accounts, you may need more information about your estate.  Talk to your divorce lawyer about the best method to get that information in your case.  Every case is different and the answer for you, will be specific for your case. 

And, if you feel like you don’t even know where to start, start researching general financial issues and topics to begin.  Don’t know the difference between a pension plan and a 401(k)?  Don’t know what an IRA is?  You can learn.  And, when you know the answers to all of those things, you will have the power to make decisions as you move through your divorce.  Again, talk to your divorce lawyer about their available resources or recommendations for you to get some knowledge on these topics. 

  1. Knowledge About Your Estate: During your divorce, you will hear these concepts and terms and more: separate estate, community estate, real property, personal property, investment accounts, bank accounts. You may prepare documents for yourself or your divorce attorney to use throughout your case.  Let your divorce attorney know if you have questions while you are working through these parts of your divorce.
  2. Still Unsure? Bring on a trusted financial advisor to your team. There are many types of financial advisors and you should seek one out, if you need to so that you are able to make well-informed decisions as you move through your divorce.

            In my office, we use several methods, resources, and tools based on your situation to help you get a clear picture of your estate.  This is just general information and not advice specific to your case. Find an experienced divorce lawyer today. I look forward to meeting you to discuss your case in a consultation. 

Jill O’Connell

Call today, 940-497-5454