Is This Your Situation — Getting a Divorce?

Divorce is a painful emotional experience -- and without proper planning, it can also be a disastrous financial event. Take a look at some of the most important considerations: 

• How much will it cost to live after the divorce? Will you be able to financially survive?
• Will alimony be paid and for how long? (Keep in mind that alimony is deductible by the spouse paying it and taxable to the spouse receiving it.) What about child support?
•  Which parent will get to claim the dependency exemption for the children?
• What about financing the children's college educations?
• Should one spouse keep the house?
• How will your retirement accounts be split? (It is critical to discuss a "Qualified Domestic Relations Order," which establishes a legal right to a portion of a retirement plan and ensures that your ex-spouse is responsible for paying the income taxes on any distributions that he or she receives. Without a QDRO, you could wind up paying the tax bill.)
• Are there potential hidden assets?
• If you or your spouse owns a closely-held business, how will it be valued?
• What are the tax consequences of property settlements?

These are only some of the questions that need to be answered. Keep in mind that once a divorce settlement is final, you will be unable to change many of the provisions.

Contact our firm. We can help ensure you get the most equitable divorce settlement possible. Now is the time to get expert advice