During a marriage, an individual and his or her spouse have likely accumulated assets. When it comes time to divorce and separate those assets, a bit of knowledge and strategy can ensure that the best arrangement is made, one that will support the individual’s best interests. By staying informed about the value of the marital property and with the right timing, a person in Washington can undergo the divorce process with the goal of correct valuation of community property.
Divorce lawyers often share their own tips and tricks for achieving the best results. One commonly suggested tactic is simply awareness. A person who co-owns real estate or shares financial accounts with a soon-to-be ex-spouse should understand the financial impact. Knowing the mortgage payment, the available equity, the value of any stocks and the amount of funds in bank accounts will help a person get the big picture information about shared finances.
Proper timing can also aid an individual when he or she considers divorce. When a person is frustrated, it can be tempting to rush and get the breakup finalized and done with, but some financial considerations may make it more advisable to wait. Waiting to sell a house during an up market is one such consideration, or trying to time a refinance when rates are low is another. If a soon-to-be ex-spouse may be seeing a big financial windfall in the next few months, a person could also consider waiting it out.
Division of marital property can be less challenging when all the information is on the table and it is the right time to move forward. Knowing when and how to move forward can be challenging for an individual who is feeling emotionally drained from the end of a marriage. Luckily, help is available for individuals facing this problem. In Washington, a person facing divorce can choose to hire an experienced family law attorney for assistance in discovering and dividing financial assets.
Source: finance.yahoo.com, “Confessions of a divorce lawyer“, Lisa Scherzer, Feb. 27, 2018