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Financial tips for divorcing couples

When North Carolina couples decide to get a divorce, they don't usually know exactly what they're getting into. As such, some of the financial ramifications of asset division, child support and alimony can really take them by surprise. Those surprises could translate into financial troubles, so it is important for couples to speak with an attorney and financial advisor as soon as possible, either before or during their divorce process.

Seek the help that is needed. Divorce can be emotionally taxing and that means that it will be difficult to make sound and clear decisions. In order to avoid mistakes, having a wise legal counselor, accountant and financial advisor available to speak with can be a huge source of support.

Consider child support and alimony insurance. Ex-spouses who are receiving alimony and child support can take out an insurance policy to ensure the payments. Should a sudden death happen to the spouse who is paying support, the money represented by those payments will fortunately be insured for the future.

Be careful when choosing the assets to be kept. Most importantly, spouses need to be sure that they have accurately appraised the value of assets and also evaluated any potential tax liabilities that come with those assets. Any asset's value must be reduced by the amount of taxes that will have to be paid upon liquidating the asset.

North Carolina spouses will want to consider a lot more important elements during their divorce proceedings. An experienced family law attorney will be able to guide spouses through the dissolution of their marriages in a way that prevents common pitfalls, defends their asset division and promotes their children's best interests.

Source: CNBC, "Headed for divorce court? Here are your top 5 financial musts," Andrew Osterland, Dec. 22, 2016