Just as there are emotional heartaches involved with divorce, there are also financial headaches. From attorney's fees and the splitting of property to the possible selling of a house or car, divorces include stressful financial negotiations. In fact, the American Institute of Stress claims divorce as the second most stressful event one can go through. If you are planning a divorce, you should contact the family law attorneys at Vayman & Teitelbaum. Their experienced attorneys can provide you with everything you need to know when it comes to getting divorced.
Timing is Everything
If you plan to get divorced, you should be aware of the timing of the split. If you divorce before the new year, you can file as 'single' on your taxes. However, if you wait until after the new year during the annual peak of divorces, then you will need to file as married. Filing taxes separately and filing taxes jointly can completely change what you pay.
Have Documentation
It is important to have documentation of your assets. It is good to have the following items ready and available:
- Bank account statements
- Retirement records
- Deeds, mortgages
- Credit card statements
- Car loans
- Tax returns
These items are important to show during divorce proceedings.
How Much is it All Worth?
Once you have decided to go through with divorce, you will need to determine how much your property is worth. If you have any investments, it is important to know how much those are worth.
Get Advice
We would like to think we are all experts on our own finances. The truth is that we are generally far from it. It is important to get assistance from someone that is an expert in the field. Having a tax and financial expert to talk you through the important aspects of your finances is key. Divorce can take a lot out of you mentally and physically. Having that person to give you advice on your finances can help to alleviate any unnecessary stress and pressure. Having divorce financial advice is important when taxes can change year to year.
Divorce Late in Life
The older you get and the longer the relationship, the more difficult a divorce can be. Houses, savings, and so much more will need to be split. Your tax filing can be affected, so be sure to know the complications involved when getting divorced. Contacting your family law attorney can help you prepare. When finances and taxes are involved, divorces can become even more complicated. By getting all the information you can on both, you will benefit from that knowledge as you go through the divorce process.
Vayman & Teitelbaum Can Help
The law firm of Vayman & Teitelbaum can provide you with legal guidance when it comes to divorce. With four locations in Georgia, Vayman & Teitelbaum, Attorneys at Law, is available to give you insight on divorce and alimony. Visit our divorce page to see how we can help you. If you have any questions, contact us and let our experienced attorneys in family law go to work for you.
