Five Financial Concerns Related to Divorce

There are a lot of things that need to be taken care of before, during, and after a divorce and one of those things is your finances. You and your spouse both need to know these five financial concerns that will require your time, attention, and negotiating skills:

  • There are states in the U.S. that deem all assets acquired during the marriage as joint property. Alternatively, you can also find a setup which will require both parties to agree on certain rules on property ownership.
  • Remember to make sure that all debts are paid off as soon as possible.
  • Make sure you know the regulations to having to pay penalties on early withdrawal. Another thing to consider in terms of retirement is your financial status and whether it will be enough to cover your retirement plan in the years to come.
  • It’s likely that you and your spouse will find it hard to sell this real estate property but if you both happen to come up with an agreement to sell, you both need to decide on who pays the costs until the house is sold.
  • If you need assistance regarding the abovementioned financial concerns, don’t hesitate to get in touch with Santa Barbara Divorce Lawyers of Kaspar & Lugay, LLP.