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Common financial issues in dispute during a divorce

When a couple in Spokane decides to part ways and get a divorce, there are many issues that will come to the forefront. In some instances, there are significant assets that have to be split. A high asset divorce has numerous pitfalls that both sides would prefer to avoid. An equitable property division is obviously the goal, but considering that there will be numerous issues in dispute, that's not always possible. Couples might disagree about everything and want to get exactly what they feel entitled to. This can lead to frequent fears and concerns that must be assuaged to the satisfaction of all.

With a family of modest means, there probably won't be a lot of haggling over who gets what. However, with a high asset divorce, there is likely to be a significant amount of time spent debating over how the assets are divided. If the divorce is not contentious, the couple can get together and hire someone to go through the assets and determine what everything -- homes, vehicles, pensions and other assets -- are worth and divide it evenly. In many cases, however, the divorce is not going to be smooth and one side will make demands of the other.

Some people don't have the faintest clue as to what they have in their joint portfolios, what anything is worth or what is owed. When the marriage was going well, this might not have been a problem. If it goes sour and the couple is heading for a divorce, the spouse without the information could be vulnerable to be taken advantage of. There might be valuable assets such as art. Getting appraisals and financial advice as to how the assets will be affected by the divorce and what's there to begin with is a wise first step.

Once the divorce is on the road to completion, some spouses might not know how they're going to move forward. If one spouse stays at home and takes care of the household and the other works, will the spouse who didn't work have to go and get a job? What will the person be responsible for when it comes to paying mortgages, car payments and other expenses? How much will there be in spousal support, if any? All of these questions can be answered with the help of a legal professional who is experienced in a high asset divorce.

Source: CBS News, "Divorce financial planner: 3 common fears," Robert Pagliarini, accessed on Oct. 7, 2014

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