The process of getting divorced can be stressful for both parties involved. Not only can divorce take a toll emotionally but also it can take a devastating psychological and physical toll as well. Having to deal with monetary issues and dividing assets can be particularly overwhelming during a divorce proceeding in Montana.
A common mistake during divorce is to make a rash decision with regard to the distribution of assets. For instance, the spouses may agree for one to get the family house while the other gets a cash equivalent to the value of the home. However, it may be more expedient for them to unload the house and divide the proceeds so that they both have cash for future emergency situations, as houses are not liquid assets. This means they cannot be converted to cash easily.
In addition, a common error following divorce is not having a financial plan for the future, particularly an investment plan. Looking at past financial decisions may help to inform one's future financial moves. A strong investment plan may help one to experience financial security in the years following divorce.
One of the easiest ways of dealing with finances -- especially when dealing with high-value or complex assets -- during a divorce proceeding in Montana is to use informal negotiations or mediation. These processes tend to be faster, less stressful and less costly than going to trial. During these processes, a couple can work to achieve a settlement of which both approve, which means a judge will not have to make important asset-related decisions for them.
Source: forbes.com, "How To Handle Financial Planning During A Divorce: 4 Steps To Protect Yourself", Joel Johnson, Dec. 8, 2017