Make sure you understand your finances before asset valuation

Is one of your New Year's resolutions to finally file those divorce papers and begin to move forward with your life? While pursuing a much-needed divorce can be an enormous relief to many people in Colorado, doing so without a firm grip on finances might ultimately be a plan for disaster. From asset valuation to a complex property division, those leaving a marriage with a significant amount of assets should make sure that they fully understand the financial aspects of their divorce. 

Adding one more resolution to your list may be a good idea, and that resolution would be to get up-to-date and as involved in decisions involving your finances as possible. A recently released statistic indicated that roughly 90 percent of all women in America will have to be responsible for their own financial matters at one point or another in their lifetime. While handling your own finances may not seem like too big of a deal to people either sex, handling money post-divorce may be a challenge if you've never had any input on the process before.

When considering a divorce, it may be a good idea to nail down exactly how much income is coming in, how much is going out for bills and how much debt you and your spouse share. Next up, consider what assets the two of you have. Additionally, are there any liabilities that could affect the property division? 

Finances are rarely straightforward in a high-asset divorce, and in general, asset valuation is a given for Colorado couples. However, even with an upcoming valuation, already having a firm understanding of what to expect can help make initial decision-making easier. When it comes to issues such as complex property division and there is a lot on the line, there may be no such thing as being too prepared.

Source: Forbes, "The Most Important New Year's Resolution A Divorcing Woman Can Make", Jeff Landers, Dec. 17, 2014

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