Divorce is a painful process that can lead to a new normal for both Louisiana parties involved. That new normal will most likely involve two households where once there was only one. Maintaining two households is typically more costly than maintaining one. Indeed, one of the biggest stressors involved in divorce can involve the financial ramifications of dividing assets. A family law attorney can provide insight on the different options available for regarding asset division.
There are steps individuals can take in order to better understand the financial situation going into divorce proceedings, and this can better prepare one to comprehend what the post-divorce financial scenario may look like. It’s important to have a clear understanding of total net worth, and this should include a current appraisal on any real estate as the value may have changed since the property was purchased. Art collections and businesses should also have a current appraisal.
In addition to dividing real estate and possessions, investments need to be divided. It is important to understand that, where investments are concerned, it is not just the current value that should be considered, and different kinds of accounts have different tax implications or possible penalties for early withdrawal. What this boils down to, as an example, is that $100 in one type of account doesn’t necessarily equal $100 in another type of account. The actual value could be more or less. The more knowledge one has available regarding these issues, the better one’s financial position may be following a divorce.
Divorce is an emotionally fraught process, and the wish of some is to resolve the issues and get it done as quickly as possible. Time and care should be taken to ensure that the issues and final settlements are fully understood. A family law attorney can help inform the client regarding financial and other options during the divorce process.