When working towards a divorce, my clients are primarily concerned about how it will affect them financially. What will it cost in taxes? Can they continue their current lifestyle? What will their financial future look like?
Clients may have certain concepts of divorce and not realize how it’s going to impact them financially or how to make the best financial decisions. A good example is, I was talking to a couple today, and they have a lake house. They have several other properties that are all underwater, but the lake house has positive equity. They were thinking that they should wait until next year to sell it, but I advised them to think about putting it on the market as soon as possible, as it doesn’t cost them anything to do so. Rates are down, and it’s better to have the cash flow back in their pocket now instead of 12-18 months from now. They thought about it, then they decided to go ahead and put it up on the market, as there may be a buyer now that can afford to buy it that won’t be able to afford to buy it next year.