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Things to consider before getting divorced in 2016

We are about to hit New Year's eve and once we make it over the hump of the holidays, it means we are officially in "Divorce Season." Indeed, divorce attorneys throughout the country know that many couples decide to get divorced after the intensity of the holiday season has passed. Whether this is due to the hectic nature of the holidays in terms of emotional and financial stresses, or because no one wants to drop the bad news on Christmas day, the fact is -- January tends to be when a lot of couples throw in the towel.

If you are planning to pull the trigger on your divorce in 2016, there are several things you might want to consider. First and foremost, before you even start to think about filing for divorce -- or even bring it up with your future ex-spouse -- it is important for you to consider what financial and legal implications your decision to divorce will have on yourself and your family. A lot of people initiate their divorces without fully comprehending the consequences and they are sometimes met with some very rude and unexpected surprises.

Next, you will want to start gathering your financial records and consider what tax liabilities come along with certain financial assets during asset division proceedings. For example, your Google stock may have soared over the last 20 years, but is it really worth the same as your recently purchased Apple stock that holds the same value on paper? The fact is, stock and other assets that have accrued in value over the years will be worth less than similarly value assets due to capital gains taxes. In this respect, consider the tax liabilities of your marital assets before you finalize what they are worth.

There is a lot more that couples who are planning to divorce should consider, and this is exactly what an experienced Mississippi divorce attorney is there to help you with. Always consider speaking with a divorce lawyer before you start to plan your divorce.

Source: MarketWatch, "Divorcing in 2016? Get your affairs in order first," Quentin Fottrell, Dec. 28, 2015

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