Sacrificing Your Assets to Divorce
You should know the ugly truth first: even the most amicable divorce can leave you in financial ruin. In the course of your marriage, you most likely merged all of your assets, from your bank accounts to investments to ownership of property. All of these arrangements, once just a common aspect of a committed relationship, now have to be preserved and equitably split between two individuals.
You need to be aware of all the accounts you are responsible for, including bank accounts, mortgage loans, credit cards and utilities. This is the legal, sensible and ethical thing to do. In the process of allocating debt, canceling accounts and selling property, you and your spouse will probably be left with some liquid assets. The Common Sense Divorce will help you divide those assets before you walk out of each other’s lives.
“Do not sacrifice your hard-earned assets at the divorce table because your divorce is out of control. REMEMBER: Unchecked emotions will cost you your assets.” – Gail Vaz-Oxlade
The Unofficial Rules of Divorce:
- Divorce gets prickly, even in the most amicable situation
- It’s often less about the legalities and more about the money
- People make expensive mistakes because they don’t make a plan
- Before you do anything, understand your rights, obligations & complexities