How to Deal With Divorce
Let's get comfortable about an uncomfortable topic: Divorce. It's a harsh reality for many and serious financial issues need to be dealt with -- and dealt with unemotionally -- says The Divorce Survival Guide of the Institute for Certified Divorce Planners.
The relatively new designation of Certified Divorce Planner covers a group of financial planners, accountants and lawyers with special training in the monetary aspects of divorce. Dividing the assets of a marriage is not easy, and experts at the institute say you'll probably be better off with professional help to counteract the emotional response of the people involved.
They'll help you find a specialist in your area and give some basic advice about the pitfalls you may encounter in your divorce. Make sure to read the "10 Common Mistakes" page, which will alert you to problems others have had in dealing with the financial aspects of divorce.
Pay close attention to things such as the defined benefit retirement plans -- if one partner has been working and the other has not, it will take some careful work to divide those benefits equally. And as with many financial issues, taxes play a key role when you are dividing assets -- remember you may face capital gains taxes if you sell property in order to split the profit.