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Knowing the full financial picture important in a divorce

One thing that can be very important for divorcing individuals is having a clear idea of what the total financial picture is of their marital estate.

One of the reasons that this is so important is that, during a divorce, there are many different decisions a person will likely have to make regarding financial matters (such as what sorts of property requests to make during property division negotiations and whether or not to accept a given financial settlement offer). Being properly informed can be integral in making the best choices when it comes to such decisions.

Knowing what sorts of accounts, investments, real estate and other types of property are in the marital estate and what the general value is of these different types of assets are among the things that having the full picture of one's marital estate includes.

Now, how challenging it is for a person who is entering into a divorce to become properly informed of the full financial picture of their marital estate can vary quite a bit. If the person in question was the primary person dealing with financial matters during the marriage, if the couple has relatively few assets or if the relationship between the person and their soon-to-be ex-spouse is still amicable enough that they can have a clear and honest discussion about financial matters, acquiring the needed knowledge can prove rather easy. In other circumstances, such as when the person in question didn't deal at all with financial matters during the marriage, when the upcoming divorce is very contentious or when a couple has a great number of very complex assets, it can prove more complicated.

When becoming informed of the full picture of a martial estate going into a divorce becomes complicated, experienced family law attorneys can help. Looking into what assets a given marital estate contains, what the value of the assets are and what the most fair and appropriate way to divide such assets is are among the things such attorneys can do for individuals who are heading into a divorce.

Source: ABC News, "How to Protect Your Finances in a Divorce," A.J. Smith, March 31, 2014

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