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Understanding the financial implications of divorce

On Behalf of | Dec 23, 2019 | Divorce

Navigating a Tennessee divorce is unquestionably difficult, and it may, too, prove anxiety-inducing if you have concerns about moving forward financially in your ex’s absence. At White & White, Attorneys at Law, we recognize that the more you understand about the financial implications of divorce, the better prepared you may be once you embark on your new life on your own. 

According to Forbes, your needs may vary broadly when you divorce based on whether you were the primary breadwinner, among multiple other factors. However, you and your ex are going to have to sort valuating and dividing any number of different assets regardless, which might include everything from pensions and retirement accounts to multiple homes, stock holdings, business interests and so on. 

While dividing assets is a key step in the divorce process, so, too, is dividing up any debts you hold together. If you have shared credit card debt, you are going to have to determine who is responsible and how you plan to take care of it. You may, too, wish to cancel the shared account to avoid any potential discord moving forward. 

For many former couples, figuring out what to do about a shared home also proves to be a hurdle. You may decide that selling the home and splitting what you make down the middle best suits your respective needs, or you may need to pursue other solutions if one of you wants to stay there. Divorcing has tax ramifications, too, so the more you understand about how your divorce impacts you in the financial sense, the more likely you are going to be cover all of your bases and avoid financial hardship.