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The Most Common Financial Issues You Encounter with Divorce

Going through a divorce is no easy task, no matter if you look at it from an emotional, physical, or financial point of view. That being said, it’s no secret that the process of divorce can reveal many financial issues that may have strained the relationship in the first place that carry over into the legal procedure. When it’s time to sit down with your spouse to discuss moving forward with separation, investing in a compassionate and knowledgeable divorce attorney in Tampa, will help you deal with the most difficult legal settlements.

Some of the most pressing and common financial issues that divorce clients usually run into are:

Dividing Property: Dividing the property evenly doesn’t always work out as seamlessly as we would hope. Some states (namely, AZ, CA, ID, LA, NE, NM, TX, WA, and WI) will help you split everything evenly. Otherwise, it depends on state-specific regulations and compromise.

Dividing Debt: Make sure that you pull the credit reports from the three leading credit reporting agencies; that way, you will be able to determine the individual debt of each spouse. Many times, having no clue about each person’s indebtedness can lead to stressful disagreements and legal issues.

Tax Issues: In addition to choosing a divorce attorney, hiring a certified public accountant (CPA) will allow you to make better decisions about the expenses made during the divorce procedure. Otherwise, you risk spending a lot more money than you already invested.

Retirement Plan Issues: If you have retirement savings, it’s likely that by law your spouse is entitled to half. You’ll have to think about the best way to use the savings for your individual needs and continue contributing to your future.