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This Is the Key to Settling Money Disputes in a Divorce

Liz Smith | JAN 18, 2018

In a perfect world, marriages would last a lifetime. Unfortunately, research suggests nearly 40% of modern marriages end in divorce. 

The psychological toll of a split can be extremely difficult to overcome. Its effect on your financial well-being can be even worse. Emotions often complicate the process, making it harder to come to a fair arrangement for both spouses. 

However, there is a way to make a divorce easier on the wallet. 

3 of the Most Common Money Disputes in a Divorce

If your marriage looks like it's coming to an end, these are some major financial obstacles you should be prepared to tackle.

1. Spousal support

A divorce does not always sever all financial ties. In most proceedings, the lesser-earning spouse is entitled to alimony, funds that will help them achieve post-marriage independence. It is rare that both spouses agree on the amount of assistance deserved. 

2. Retirement savings

Retirement savings are typically some of the most valuable assets a person owns. Unless otherwise stated in official documents, spouses are legally entitled to a portion of their partner’s retirement savings. Retirement savings are also subject to tax implications and thus, very complicated. Consulting a financial advisor can help simplify this process.

3. Shared property

From the home spouses share to the items inside it, dividing shared property can be one of the messiest parts of a divorce. Even if one partner doesn’t want to keep something, they typically want to be compensated for their stake in it. 

The Simple Way to Settle Money Disputes in a Divorce

The financial aspect of a divorce is tough even in the most amicable of failed marriages. There is much more than fairness and goodwill to consider. 

financial advisor can help you and your spouse settle financial disagreements in a way that’s best for you both. They not only know how to split assets, but also how to put both spouses on a path for future fiscal success.

Follow These Steps to Find the Right Financial Advisor for You

Choosing a financial advisor is as important as selecting a divorce attorney. Chances are, there are several highly qualified financial advisors in your area. 

Still, it isn’t always easy to find the right one. Your friends and family may have one opinion, while your research and gut suggest otherwise. 

This new tool matches you with up to three local fiduciary investment advisors that have passed a rigorous screening process so you can be sure they are a good choice. 

1. Simply enter your ZIP code below.

2. After you enter your ZIP code and answer questions about your financial goals, you can compare up to three top advisors local to you and decide which to work with.

3. Enjoy a better financial future!

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SmartAsset - copyright 2018

SmartAsset - copyright 2018

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