When North Carolina couples decide that it is time to get a divorce, many reach out to an attorney to get the process started. However, some also take the step to look for a financial planner as divorce could potentially result in serious debt. By working with a team that includes a financial planner, a person may be able to come out of the divorce with his or her finances still intact.
Once a team is in place, a person going through the divorce may want to consider collaboration. A collaborative divorce involves working with the other party to reach an agreement while litigation involves going in front of a judge. While a collaborative divorce is not always possible, it does allow both individuals to maintain some sort of control over how the marital assets will be split.
During the process of determining who gets what, the major focus is often on the larger assets, including the family home, cars and major belongings. However, the financial planner may also ensure that the individual is thinking about his or her health insurance and other policies that could have an impact after divorce. The financial planner may also provide a look at what the person’s finances will be so that he or she can make appropriate decisions regarding his or her new budget.
Going through the divorce process can be costly for those who only focus on the division of physical property and not the financial aspects of no longer being married. A family law attorney may help a divorcing spouse understand how his or her financial situation could change throughout the divorce and once the divorce is actually finalized. The attorney may be able to determine whether a former spouse could qualify for spousal support and child support if he or she will have custody of the children. In some cases, the attorney may also look for assets that the other spouse may be trying to hide.