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Keep a clear financial head when it comes to divorce

Deciding to divorce can be an emotional affair. No matter what led to the decision, spouses may feel hurt and angry and may want to see that the divorce process is completed as soon as possible. However, it is important for spouses in Washington who are seeking a divorce to make sure they do not make financial choices that will affect them negatively in the long run.

First of all, one major asset that comes into play during property division for many couples is the family home. Both spouses may desire to keep this valuable asset for both financial and emotional reasons, especially if children are involved. But a spouse should keep in mind that home ownership comes with costs. Mortgages, insurance, taxes and upkeep should all be considered, particularly in light of the fact that a spouse may be moving from a two-income household to a one-income household.

In addition, spouses seeking a divorce need to look at the big picture. A divorce comes with many legal issues, such as property division and spousal support. Furthermore, if a couple has children, child custody and child support issues will need to be resolved. If a spouse focuses only on one or two of these issues, he or she could miss out when it comes to settling the divorce.

Finally, a spouse should try to keep a clear financial head when it comes to divorce. For example, when it comes to the division of assets a spouse should consider not only the value of the property at issue, but also any financial or tax consequences that may occur should he or she later decide to sell the property. In addition, some couples may find that they are able to reach a divorce settlement through mediation, which could save each spouse both time and money.

While the divorce process can be difficult, in the end it may bring a sense of relief to Washington couples. By making sure each spouse's rights and interests are protected, it may be possible for the divorce to be completed in a manner that is fair to each party.

Source: Forbes, "The 5 Biggest Divorce Mistakes," Larry Light, July 16, 2015

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