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Family finances can be difficult to divide during divorce

The dissolution of a marriage can understandably be a tumultuous time emotionally, but it can also be financially challenging. The financial difficulties stemming from divorce may be especially prominent for families with young children in the state of Montana. They can also be a major problem for older couples where one person primarily handled career duties while the other person handled homemaking duties. In addition, sometimes investments are in only one spouse's name rather than both parties' names, which can further complicate things.

Understanding the family's net worth is an important first step in tackling financial issues during the process of getting divorced. This can be done by gathering documents highlighting the assets as well as title in the marriage. Assets may range from real estate property to retirement accounts.

The division of assets is a complex area encompassing different regulations and rules as well as debts, investments and liabilities.  Only after the family's net worth has been determined can monetary and property divisions be addressed effectively. If there is prenuptial agreement in the marriage, it should be consulted before proceeding with the division of assets.

The more assets that have been accrued, or the higher their value, the more complicated asset division can be during a divorce proceeding in Montana. However, going through mediation or negotiation can enable both parties to strive for a settlement that satisfies each of them. If they cannot reach a settlement on their own, a judge will decide for them how their finances will be handled during this type of family law proceeding.

Source: fayobserver.com, "Divorce & Investments", Tracy Sorzano, Feb. 23, 2017

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