When going through a divorce, you will find yourself facing significant changes in multiple areas of your life. From where you live to how often you see your children, you will have to adjust to changes and navigate potentially difficult transitions. Some of the changes you will face are those related to your finances. Your financial situation will change, but there are steps you can take that will help you secure your future interests.
As you prepare for your Washington divorce, it is helpful to have a full understanding of the potential financial changes you will face and how you can make choices that will set you up for future success. You will benefit from carefully considering everything from the tax implications of your choices to a fair spousal support order. Preparing ahead of time will allow you to know what you are up against and provide you with insight about how to move forward with confidence.
Facing your financial future
Even for wealthy couples, it is inevitable that divorce will bring financial changes to their finances. You may have to make adjustments in your lifestyle, move to a more affordable home or even go back to work. However, that does not mean that your divorce will definitely result in your financial ruin. As you prepare to make important choices for your future, you will benefit from remembering the following:
- If you are the lesser-earning spouse, you could have a rightful claim to spousal support from the other spouse.
- If one parent will be the primary caregiver for the children, he or she could be eligible for financial support from the other parent.
- If you decide to stay in your current home, it is important to consider whether that is affordable and whether you can manage the tax obligations.
- You will need to equitably divide retirement accounts and long-term savings accounts. Some retirement accounts may require a Qualified Domestic Relations Order to remove funds.
- There could be significant tax implications for retaining certain valuable assets or accepting a lump sum of money.
The choices you make during your divorce will impact you for years to come. It is in your interests to ensure that the choices you are making will allow you to look to the future with confidence and adjust quickly to your new post-divorce circumstances. As you navigate these matters, you may benefit from seeking professional guidance and knowledgeable insight regarding your legal options.