It should come as no surprise to learn that those going through a divorce can end up in a better financial position if they work together to try and get a fair settlement for both spouses. While the divorce process can be extremely adversarial, there are many benefits that can be gained by Florida couples working with each other on a fair settlement.
One financial adviser who is also a trained mediator uses her expertise to help settle financial disputes that may arise during a divorce. Her stated goal is to help both spouses leave the marriage with an equitable amount of the couple’s marital assets. She says that a large portion of the emotional stress built up during a divorce stems from worries about finances. Many people must learn to reduce their expenses and change their lifestyle, and this can be especially difficult for couples with only one working spouse.
One issue that often causes difficulties is choosing which spouse gets to keep the IRA and which gets to keep the house. The financial adviser says she likes to split the IRA in half and try to get both partners some equity in the home or use assets that aren’t related to retirement to make the agreement more equal.
Being respectful toward one another and working together can help couples expand and preserve their marital assets, which is ultimately beneficial to both spouses. While one’s first inclination may be to be adversarial, this can often create more difficulties and potentially take the responsibility of property division away from the couple and give it to a judge. Couples who work together are often able to reach a fair settlement that gives each of them a more financially stable post-divorce life.
Source: Financial-Planning, “Divorce Ahead? Help Clients Get a Fair Deal”, Elliot M. Kass, November 21, 2013