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Handling common divorce fears

One of the biggest sources of concern for Colorado residents who divorce is how their finances will look after they end their marriage. How much people get in a divorce will often determine where they live, how well their children are cared for and what their lifestyle will be. While it is normal to be concerned about these issues, there are some ways that individuals can take control of their situation and ensure they end up with an equitable outcome in their divorce.

One worry that many people have is that they will not end up with a fair share of a couple's assets. This is often true of those who do not handle a couple's finances or who have a variety of shared assets, such as retirement accounts, investments and properties. One way that someone could be sure of what their spouse owns is to hire a forensic accountant. These professionals can ensure that someone's spouse is not hiding any property and give someone a complete list of shared assets.

Another concern that many people have is how their lifestyle will be impacted by divorce. This can be tricky because individuals need to ensure that they receive a fair share of a couple's assets as well as a sufficient amount of liquid assets. Having equity in a home is valuable, but it cannot pay the bills.

A lawyer could help someone understand what state law says about asset division and what is considered marital property. Additionally, a lawyer could let someone going through a divorce know what to expect as well as negotiating on their behalf in matters related to asset division, child custody and spousal support.

Source: CBS News, "Divorce financial planner: 3 common fears", Robert Pagliarini, August 23, 2013

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