A financial advisor dispenses some financial advice to guide those going through a divorce:
- get a handle on your finances – hire a professional if cost-effective and necessary
- split assets equitably – take relative degrees of liquidity of various assets into account
- divide and conquer your debts – block incurring further debt on joint accounts
- pay attention to taxes – be aware of tax impacts which can tip seemingly equal divisions of property
- determine alimony and child support before the courts impose a number on both parties and consider the benefit of insurance, and
- plan for your future – with or without a financial professional
Read more in this [Southgate, MI] News Herald article: SHAWN BUMGARDNER: Steps should be taken to preserve one’s self during divorce.