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Accounting for the financial impact of a divorce

On Behalf of | Sep 9, 2021 | Divorce

A divorce will likely have a significant impact on your finances. To minimize the financial damage associated with the end of your marriage, it may be a good idea to seek help from a Tennessee finance professional. It may also be a good idea to seek assistance from a mediator to help settlement talks proceed in a cordial and timely manner.

Take your time

As a general rule, you should seek to obtain the best possible settlement as opposed to the one that can be reached in the least amount of time. Ideally, any significant assets that will be sold as part of a settlement will be appraised before they go on the market. If you don’t trust your spouse to obtain an appraisal in good faith, you should obtain a second one from an independent source.

You could be entitled to spousal and child support payments

In addition to a portion of the marital estate, you could be entitled to other forms of financial assistance in a divorce settlement. If your spouse was the breadwinner during the marriage, he or she may be required to make spousal maintenance payments. If you share a child with your spouse, the divorce decree may also require child support payments. It’s important to note that a judge will determine how much a parent must pay to meet a minor son or daughter’s needs.

You should start preparing for divorce the moment you know that your marriage is going to end. This will allow you to obtain financial documents, tax returns, and other records that you’ll likely need to get the best possible settlement in your case.

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