No matter what someone thinks his or her financial future looks like, there is always a chance for life to get in the way. For example, getting a divorce can impact someone’s money situation in unintended ways. This should not hold anyone in Alabama back from ending an unhappy marriage, though, as there are several approaches for minimizing unwanted outcomes.
The first step is to identify all of one’s assets, both separate and marital. Heading into property division without this knowledge puts someone at a disadvantage, as he or she would not be aware of all that is at stake. Collecting paperwork for tax returns, retirement accounts and financial statements can be a good place to start. However, identifying all assets can be a significant undertaking that sometimes requires the help of a financial adviser.
An often overlooked factor in financial wellness during divorce is debt. Whether in credit cards, student loans or other debts, the average couple in Alabama most likely has their fair share of debt. Debt can also be jointly owned, even if only one person’s name is on the account. It is important to also identify all debts before property division.
Whether going through a divorce or simply trying to get through life, it is impossible to maintain healthy financial wellness without understanding what one’s assets are. But identifying all financial assets before or during a divorce can be difficult, especially if there are time constraints. Speaking with an experienced family law attorney might help some people better navigate this process.