Wednesday, April 26, 2017
So you’ve decided to call it quits with your spouse after decades of marriage, raising kids, amassing retirement accounts, turning gray?
At this stage, the concerns aren’t custody of the kids, parenting schedules, holidays and vacation weeks, or child support. The issues revolve around money, plain and simple. Alimony is likely an issue. Dividing retirement accounts is an issue. Dividing real property, personal property, inheritances, all other assets AND liabilities is an issue.
Finances & Assetts
Make a list of all your financial assets -- house, car, furniture, savings accounts, etc. Make a list of all your financial liabilities – college expenses, personal loans, mortgages, car loans, credit card debt, etc. This financial snapshot is instrumental in determining the value of the marital estate and how it can be equalized.
Obtain a copy of your credit report and dispute any errors. Clean up any long-standing and open credit cards by closing them – especially if they are jointly held.
Consult with your financial advisor and accountant. A gray divorce has serious financial consequences. You want to be prepared in the event you have to share your retirement account with your spouse, buy out their interest in real property or other assets, and/or assume more of the marital liabilities.
If you don’t have your own financial advisor or accountant, or you use the same professionals as your spouse, consult with Tourkantonis & Delaney for referrals to their specialists. As a team, we will advocate for the best results for you – legal AND financial.
Benefits to Hiring a Divorce Attorney
A divorce attorney will advise you on your legal rights and obligations during divorce proceedings. You MUST consult with a financial advisor and accountant regarding the financial consequences of your gray divorce. At Tourkantonis & Delaney, PC, we have a team of professionals who represent our clients’ best interests – legal AND financial.
By Kathleen Delaney