Dissolving a marriage can be expensive and sometimes hurt one’s credit, so it is important to review finances before a divorce and not after. An attorney can be helpful when going through a divorce in North Carolina, but one may also need a financial adviser when dividing property and assets.
A financial planner could help make sure that one receives a fair settlement when going through the divorce process. An attorney generally tries to help a client gain what he or she feels is most important like child custody or property while a financial adviser could focus on the value of assets so that one receives an equitable share.
For example, a partner with physical custody of a child or children might want to keep the house and give up something else in exchange for the property. The other partymay receive liquid assets as part of the deal, which could grow in value. However, the spouse with the house must pay for things like maintenance, property taxes and home insurance. This means it might take more consideration to reach a fair deal for both parties.
The partner that handles finances less or has little experience with money probably needs financial help the most. One should seek an independent advisor who can assess a couple’s financial situation and look for hidden assets.
One could have many options when crafting a divorce settlement depending on a couple’s ability to work together and compromise. In some cases, the partner who receives a house could still receive alimony or child support if this spouse cannot handle payments alone. Alternative methods of divorce like negotiation or mediation might be best for spouses who want to amicably and quickly dissolve a marriage, and one might wish to consult legal counsel regardless of the chosen method.