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Mark Abzug

Tips to help you prepare for the future while divorcing

On Behalf of | Sep 1, 2017 | Property Division

Keeping your own interests protected is one of the key points of going through a divorce. You have to make sure that you aren’t overlooking something that could be used in your favor.

One very important thing for you to do is to obtain appropriate financial records. You need to know what money is in the marriage, what assets need to be divided and what debts might need to be split. The last thing that you want here is to find out about hidden debts that can cost you money or learn that there were hidden assets that went to your ex because you didn’t know about them.

Another thing to look into if you are over 62 years old and have been married for at least 10 years is how your ex’s income might impact Social Security payments. In order to receive payments based on your ex, you can’t be remarried and your own earnings can’t qualify you for payments higher than what you would get from his.

You also have to consider how certain assets like retirement accounts need to be handled. This is often tricky because of some of the specifics of the account. Ideally, you will speak to a financial adviser who can help you determine what to do with these assets.

Finally, don’t get stuck on assets during the divorce. It might seem like the best thing for you to do is to hang on to the house, but you can’t think about what is easiest right now. Instead, think about what is going to be best for you in the future.

Source: Fidelity, “Protect your financial future after a divorce,” accessed Sep. 01, 2017