Preparation may help with divorce asset division

| Jan 16, 2020 | Divorce |

Getting divorced can understandably be stressful from a financial perspective. This is particularly the case when two divorcing individuals have a large number of assets that must be divided. Here are some tips for navigating the financial aspect of divorce in the Bay Area.

First, it is critical that individuals who are getting divorced understand their finances. For instance, they should ideally understand their cash flow as far as their income and expenses are concerned. This can be helpful for reviewing, categorizing and prioritizing expenses before determining how one’s finances will look in various settlement situations.

Second, it is wise for people who are going through divorce to avoid focusing on their emotional assets. These are assets that they may not necessarily want but are willing to fight for simply because the other party wants them. Obtaining these assets may make them feel as though they have won against the other party. However, these assets may not help them financially in the long run. Other assets, such as rental property or stocks, may be wiser to pursue.

Figuring out how to divide assets during divorce can no doubt be confusing and intimidating. However, an attorney in the Bay Area can provide the guidance needed to tackle property division with confidence. For instance, the attorney may advise the client to keep liquid assets, like stocks, and give up the family home as part of the divorce settlement. The attorney’s chief goal is to make sure that the client’s best financial interests are protected during the process in the Golden State.