Embarking on the road to divorce in Mississippi can naturally be intimidating not only because of the emotional challenges but also because of the financial challenges involved. Because of this, hiring a financial adviser may be immensely helpful during the family law process of divorce. In fact, eliciting the help of a financial expert, along with legal counsel, may be the difference between reaching a settlement that is workable and reaching one that is disastrous.
The divorcing individual who ends up taking custody of the kids will typically push to own the home. After all, there is usually a strong emotional attachment to the family home, and the parent may desire the kids to experience continuity. Thus, one spouse may get the home, while the other party gets the couple's liquid assets. This might seem to be a fair trade.
However, although a million dollars in stocks may grow in value, paying dividends, a home that is worth a million dollars requires major maintenance costs, insurance payments and upkeep. At the same time, various assets might come with extremely different tax liabilities. Financial advisers may help to address such complexities. Stay-at-home parties, whether female or male, usually need financial advice the most since they may not have handled the family finances before.
Making a financial mistake during the family law process of divorce can end up costing a person monetarily and even in the form of ruined credit down the road. Proper legal guidance along with financial advice may help people going through divorce make educated decisions about financial matters, such as asset division and property distribution. Both divorcing parties have the right to fight for their fair share of assets while taking into consideration the other spouse's needs in Mississippi.
Source: Time, "Why Your Divorce Lawyer Can't Protect Your Finances", Melissa Montgomery-Fitzsimmons, Feb. 16, 2016