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Divorce often daunting for financial novices

In many marriages, spouses divide duties and tasks. The husband may mow the lawn and maintain the yard and garage, while the woman maintains and cleans the house. Whatever the arrangement, couples tend to work out some sort of explicit or tacit agreement. For many couples, the same tends to hold true when it comes to paying bills and other financial matters.

When a couple divorces, the spouse that has historically taken care of the finances is often at an advantage. Not only does this spouse typically have a better sense of the couple's assets and debts, but he or she also likely feels more confident about continuing to handle such matters on their own.

For those individuals who left financial matters up to a soon-to-be ex-spouse, the divorce process can be especially daunting. For these individuals, a divorce attorney can provide advice and instruction on how to ensure all assets are accounted for. An attorney will also advocate for their client and help ensure that the terms related to the division of such assets is favorable.

For individuals feeling overwhelmed and scared over the divorce process, it's critical to obtain all information related to current assets and debts. Once an individual has a firm grasp on the valuation of assets and how such assets are held, an individual needs to determine how much they'll need to live.

A divorce attorney can assist clients in securing a favorable divorce settlement as well as provide insight and advice related to often complex financial matters. What's more, a divorce attorney can help uncover assets that a soon-to-be ex may try to hide.

Source: CBS News, "Divorce financial planner: 3 common fears," Robert Paglirini, Aug. 23, 2013

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