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Helton Law Firm, PLLC

Financial needs during divorce proceedings

Many Tennessee couples going through divorce are so focused on finalizing the action that they may ignore important financial information in the process. Unfortunately, the long-term implications of a settlement may not be noticed until much later, at which point adjustments are unlikely or impossible. One of the most significant areas of consideration is taxes, but other matters, including one's credit history, could also come into play after the divorce decree has been issued.

During property division negotiations, it may be important to set aside emotional attachments to a particular asset in order to evaluate the potential challenges of taking full possession. A family home might provide stability for the children after a divorce is over, but its upkeep could be costly, especially if there is still outstanding debt. Even worse, hidden debt could create huge issues, especially if the party who receives the home or other asset affected by such debt is not aware of it.

It is wise to consider dealing with a financial adviser through this process to limit the risk of unexpected financial difficulties arising because of a lack of information or understanding. A financial adviser may be able to evaluate the true financial facts surrounding a family home, vehicles or other properties. Additionally, an adviser might make recommendations about retirement assets and other items that an individual might not think about as being subject to property division. Although a divorce lawyer might formulate a strategy for obtaining a specific asset, a financial adviser would provide an awareness of the cost of seeking that asset.

Whether a divorce is expected to be complex or simple, agreements about property division can be difficult to enforce if there is not a formal order. A lawyer for a divorcing spouse can be helpful for ensuring that the terms of a settlement are described correctly and that the matter will be enforceable if the other party fails to comply with certain provisions.

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