Millions of people throughout the United States, including Alabama, find themselves faced with the dissolution of a marriage. Unfortunately, this can be one of the most stressful life events one can experience. However, a couple of tips may help with making wise decisions during any divorce proceeding.
First, not making too quick of a decision concerning the splitting of assets is paramount. Those going through divorce might feel tempted to rush through decisions simply because the divorce is contentious. As a result, one spouse might end up keeping the family home, while the other spouse keeps the cash. However, a more expedient decision may be for both parties to sell the house and then split the cash, as a home is considered a hard asset, which means it cannot be converted into cash easily. Having cash on hand is critical in the event of an emergency.
In addition, starting fresh with brand-new investment plans is important following divorce. A new plan can be self-empowering as those who have gotten divorced seek financial security in the years ahead. Reflecting on previously made decisions may help them to make better decisions in the future.
Although divorce can be both emotionally and financially challenging, going through divorce mediation or negotiation -- alternatives to traditional litigation -- may make it easier to navigate. Through these processes, a couple can work toward a mutually satisfactory settlement without further court intrusion. An attorney can provide the guidance needed to pursue and achieve a fair and personally beneficial outcome during this type of family law proceeding in Alabama.
Source: forbes.com, "How To Handle Financial Planning During A Divorce: 4 Steps To Protect Yourself", Joel Johnson, Dec. 8, 2017