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Finances important focus area when navigating divorce

The financial aspect of dissolving a marriage is often stressful and complicated. This is particularly true for those who fail to prepare before going to court. A few financial matters are important to address as early as possible in a divorce proceeding in Montana.

One of the biggest areas of conflict during divorce is property distribution. Divorcing spouses must pinpoint what assets must be divided between them -- any assets that are deemed marital property. Likewise, identifying what is separate property is critical, as this type of property is not subject to property division. Then, valuing the assets that need to be split is essential; this process might involve hiring an appraiser.

Another financial aspect of divorce that can be beneficial to address early on is spousal support. This refers to the money that one spouse will pay the other one for a certain amount of time following the divorce to help him or her financially. Spousal support may be awarded if one of the spouses earned much more than the other one did.

Although divorcing spouses may rely on a judge to resolve these complex matters for them at divorce trial, these spouses may be able to address these issues on their own outside of court instead. This is possible through a process such as divorce mediation or informal negotiations. In either situation, an attorney in Montana can help to ensure that one's rights are protected and that one's best wishes are pursued during this type of family law proceeding.

Source: newsmax.com, "4 Financial Musts When Planning Divorce", Jacqueline Newman, Oct. 19, 2017

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