Divorce can be an extremely emotional rollercoaster, but when it comes to proper financial representation during the process, it is extremely important to have a clear head and keep emotions in check. Financial mistakes are common otherwise, and especially with late marriage divorces, they can be extremely costly and hard to recover from.
People often make financial mistakes in the divorces process because they are running on their emotions versus what is best for them logically. As hard as it sounds, a person has to look at divorce finances as settling a business deal versus sticking it to the other side to make up for hurts and injuries. In even a completely fair divorce both sides will come out with a loss, so the goal is to minimize the loss as much as possible, especially when one has to live with what is left.
Divorce finances are about three things: proper liquidation of current assets, providing a long-term foundation to live separately, and anticipating the related tax changes that will come after the fact. For these reasons, good financial analysis of all assets, incomes, liabilities, and tax conditions is necessary. To do all of this work, a good understanding of personal finances is also a requirement. There is no “figuring it out through a crash course” or “as we go.”
It is also important to understand that state laws already on the books can have a huge say on what happens to financials in a dissolved marriage, regardless of what may be desired or previously agreed upon. These are rules that are preset by statute and apply to every divorce, regardless of the reason that caused the break in the first place. So an understanding of applicable divorce law is critical and necessary as well.
A good representation service will not just focus on the divorce itself and immediate asset distribution, it will also project for a client what the potential lifestyle analysis will be after a divorce. Many offices don’t necessarily go into this discussion because it’s not seen as part of the legal services of a divorce case, but it matters just as much. As a result, many clients are left to figure it out after the fact when the divorce is finalized.
Those facing a pending divorce and needing a strong representation, both in legal rights as well as financial analysis, should consider the Law Offices of Rebecca Martin. As both an attorney who has gone through divorce as well as handled the representation of numerous cases, Martin is focused on a full case resolution for clients, including their financial wellbeing, not just their legal wellbeing. As a Kansas City Financial Attorney with a depth of experience in marriage asset analysis, her office provides some of the strongest divorce representation available in the region.