While divorce offers a fresh start, it usually causes significant strain on many aspects of day-to-day life, including the management and state of your finances. If you are in the midst of planning for a divorce, it’s important to prepare yourself for all possible effects it could have on your income and financial state.
When preparing for divorce, we advise considering the following potential financial factors:
Marital Assets may include:
Non-marital Assets may include:
Marital Liabilities may include:
As you create this detailed list, try to determine the corresponding value for each asset and liability. It may be wise to invest in the help of your accountant to help assess the true worth of each value. If you have copies or have access to copies of your tax returns, please compile the previous three to five years for your attorney to review.
The amount is determined by some of the following considerations:**
“Our goal is to create a system where children can count on their parents for the financial and emotional support they need to be healthy and successful.” –South Carolina Department of Social Services.***
This is not a comprehensive list of all potential fees associated with divorce, but it serves to provide divorcees an idea of some of the potential costs to expect during/as a result of divorce. To learn more about financial and personal effects of divorce, call us today at 864-298-0084 for a comprehensive consultation with one of our professional and experienced Family Law attorneys or contact us online.