Divorce is a challenging experience that can often come with unexpected costs. While many people are aware of the obvious expenses such as attorney’s fees and asset division, there are several hidden costs that are often overlooked. Hidden Cost: Taxes One significant hidden cost is taxes. When dividing assets such as a community property home or a retirement account, tax implications can … [Read more...] about The Hidden Costs of Divorce: What You Need To Know
Finances
Rebuilding Your Finances After a Divorce
Going through a divorce can play havoc with your finances. Generally, the same amount of money that supported one household must now be divided to support two of them. This often means, at least for a time, each individual's net worth and household income will be reduced. If a couple can work together in a Collaborative Divorce process, you can establish new financial goals and create a … [Read more...] about Rebuilding Your Finances After a Divorce
Navigating Finances Post Divorce
In a traditional, litigated divorce, the focus is on, “How can I keep my money?" Each spouse is focused on getting as much from the divorce as they can. They have an “every man or woman for themselves” approach which often leads to a very contentious and expensive divorce. A Collaborative Divorce is different. The couple works with a team and the team works together with both spouses during the … [Read more...] about Navigating Finances Post Divorce
Rebuilding Finances After a Divorce
Most people find their finances have changed dramatically following a divorce. The money that in the past supported one household now must be stretched to support two. This is especially true if one party is paying spousal support to the other. It may be helpful to work with a financial advisor or certified public accountant (CPA) to help you understand how you originally built wealth and to … [Read more...] about Rebuilding Finances After a Divorce