Protecting your future finances during divorce

On Behalf of | Feb 10, 2022 | Divorce |

If you are a resident of New Hampshire starting the divorce process, you will want to protect your future finances during the settlement negotiations. Making certain errors during this process can cost you much more and for far longer than you might anticipate.

A team of professionals can help you plan correctly

While you and your spouse can opt to go through the divorce process yourselves, consulting with family law and financial professionals can help you plan properly for the negotiations so that you can avoid an unfair settlement. A lawyer may represent you in negotiations and court hearings while financial professionals help you with the valuation of your assets and explain things such as tax implications of financial decisions.

Consider your options for the divorce process

When you decide to seek a divorce, you have options about how to proceed. Do not rush into a decision. Instead, think carefully about the pros and cons of each option. These options include:

  • Litigation
  • Mediation
  • Arbitration

If you choose litigation, you need to prepare for a longer and more expensive process, involving multiple court visits. Mediation and arbitration both offer alternative dispute resolution options that can help you keep the process private, faster and less expensive as you and your spouse work with a mediator or arbitrator to resolve divorce issues.

Be clearheaded about your future needs

During the division of assets, you need to be clearheaded about your future financial needs. This includes understanding how different accounts, such as retirement accounts, get divided during a divorce or the future costs of keeping a home running. This also means educating yourself about how taxes can impact the long-term value of some assets. If you are a parent, you will need to address child support, including future expenses related to child-rearing.

Divorce is a complex, emotional process. You will need patience and focus so that you can work out a fair settlement during the process.