Colorado readers know that divorce is complicated. It is not easy to traverse this challenging and emotional process, and if you have kids, your focus may be on their well-being and a fair custody order. There are many important issues to think about, and you would be wise not to overlook your future financial interests.
The choices you make and the terms of your final agreements will affect your future, sometimes requiring adjustments to plans and lifestyle choices. No matter your net worth, it is always prudent to be smart and intentional about making good financial choices and pursuing a property division settlement is that is workable today and in the future. Protecting your long-term interests starts now.
What should you do first?
When negotiating a property division settlement or preparing to go to trial, it is in your interests to keep your eyes solely on the future. Emotions and feelings will pass, but you will have to live with your divorce decisions for years to come. Keeping your eyes on the goal will help you make smart choices. Some of the things you may want to do to get ready for what is ahead includes the following:
- Meet with a financial expert or a tax planner to discuss things such as the implications of keeping certain assets, along with what will happen to your retirement savings.
- Make a list of your current assets, including ones that are separate and not eligible for distribution in a divorce.
- Prepare yourself for any potential financial obligations you will have after divorce, including giving up certain assets and paying spousal or child support.
These are just a few things you can do to consider what your post-divorce future will really be like. While divorce will certainly require you to adjust and adapt, you can still obtain a final order that allows you to have stability and security well into your golden years.
Preparing well starts now
If you have already filed or plan to file for divorce in the future, it is not too late or too early to work on a fair and sustainable financial future. If you have questions or concerns, you may want to discuss your unique case with an attorney who can help you understand your options. Preparing well for divorce can save to time, money and a significant amount of stress during a difficult time of transition.