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Financial impact of divorce often a major family law concern

| Apr 25, 2017 | Family Law |

A divorce will inevitably bring about changes in multiple areas of a person’s life. While dealing with certain issues during such a stressful and challenging period might be difficult, individuals may want to consider the possible ramifications the end of a marriage can have on their financial future. When seeking to protect and preserve crucial areas of life following divorce, a person in Washington may find it beneficial to seek guidance from a family law attorney.

The process of divorce can be an overwhelming experience. Many couples may give little thought to what will happen during the division of property and assets until actually facing the end of their marriage. Having an understanding of marital and separate property, and how each asset may be affected during the process, can go a long way in preparing a person for negotiations.

Other assets to consider during this time are joint bank accounts, investments and pensions. Keeping track of current financial standings is often advisable. Assets such as a pension or a 401k can be intricate, and obtaining documentation of these beforehand will likely prove beneficial for the road ahead. It may also be helpful to check joint credit card accounts and freeze or close them if necessary.

Divorce is generally a challenging and emotional process, but it does not have to leave a person in financial ruin. Individuals who make preparations ahead of time may find the process to be less difficult. With a multitude of areas to cover, a person in Washington might choose to speak with a family law attorney for advice on how to pursue an equitable portion during divorce proceedings.

Source: wtop.com, “Top six tips to avoid divorce mistakes“, Susan M. Butler, Accessed on April 24, 2017

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Hanis Irvine Prothero, PLLC
6703 S. 234th Street, Suite 300
Kent, WA 98032

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