When a couple comes to the difficult decision to end their marriage, they are often only starting what could be a lengthy process. The instinct for many couples in New Hampshire is to end the divorce process as quickly as possible regardless of the consequences. However, this may not be the best financial option.
There is no denying that going through a divorce is an emotionally draining process. Unfortunately, decisions based on emotion — and a desire to move on to the next stage of life — rather than impartial consideration can have some intentional consequences. When two people work together to split their lives, there are frequently multiple financial decisions that must be made; decisions that can often only be made after a thorough examination of assets is conducted.
This often includes consulting with experienced professionals, including a family law attorney and a financial adviser. For example, when both spouses are listed on the deed and mortgage of a home, the house will have to be appraised to determine its fair market value. After that, the amount of loans on outstanding mortgages on the property must be determined. That amount is subtracted from the market value to get a full understanding of the equity in the home. Once that information is available, the couple will have to make a decision regarding what to do with the house, including whether to sell the house and split the proceeds or for one person to buy the other out.
Despite the emotional challenges of the divorce process, most people who have gone through it in New Hampshire would likely indicate that it was the best decision for their long-term happiness. Fortunately, there are experienced professionals who can help these people through the process. Often, having someone not emotionally involved can help ensure that decisions are made in the person’s best interests rather than based on their emotions.
Source: Yahoo!, “Confessions of a divorce lawyer“, Lisa Scherzer, Feb. 27, 2018
