Divorce is a highly emotional process, and it is safe to say couples sometimes let these emotions guide their decision making. There are certain aspects of divorce, however, that are better handled with a clear head, namely decisions affecting your children and your future finances.
One of the most contentious steps in a divorce is deciding on the distribution of assets. When you are making demands based on anger and hurt, it is nearly impossible to reach a fair and equitable agreement. But for your own long-term well-being, and possibly that of your children, now is the time to consider the implications that taking or giving up certain assets may have on your financial future. For an understanding of the different types of assets you may have, as well as their costs and associated taxes, read “What you need to know about splitting assets in a divorce.”