Financial issues can be some of the most contentious to arise during a divorce. The more assets you have, the more problematic the issues can be. Unfortunately, they do not necessarily resolve after the finalization of the divorce decree.
Some of the most fundamental financial issues that arise during a divorce relate to the family home and co-parenting. These issues may also persist for some time thereafter.
Splitting real estate
Selling investment properties, vacation homes or timeshares as part of your divorce may not raise much of an issue. However, negotiations over the family home can be more difficult. Not only is it a valuable asset but it is also full of emotional memories.
In many cases, the most practical course of action is to sell the home and split the proceeds between you and your ex-spouse. However, even if this is what you agree to, it can raise issues. It may take weeks, or even months, following divorce finalization to sell the house. You and your spouse should decide beforehand who is going to handle the expenses in the interim.
Dividing co-parenting expenses
The co-parenting financial plan that you agree to today may not include everything that your children will ever want or need as they grow up. Therefore, you and your ex-spouse should devise a system by which you can cover expenses that your co-parenting plan does not provide for.
If the activity is something that you feel strongly that your child should do, you should prepare to absorb the larger portion of the cost. You should make your child’s interests a priority at all times and be able to communicate effectively with your ex-spouse regarding unplanned expenses.