Divorce

A divorce can be one of the hardest experiences a family faces. The emotional impact of divorce is difficult, and stressful financial decisions can cause more complications.

When navigating a divorce, you will need to make decisions about lawyers, home ownership, child custody, child support and splitting assets.

Lawyers and Mediators
It is common for people seeking a divorce to work with lawyers to help them with the legal aspects. Although it can be costly to work with a lawyer, attorneys offer expertise on how to split assets fairly and legally.

Do You Need a Lawyer? 
If you and your spouse are able to agree, you may be able to handle your divorce yourselves with the help of a neutral third-party mediator. Even if you and your spouse are divorcing on cordial terms, it can be hard to decide what's fair for both of you. A lawyer can be an advocate to help you make tough decisions.

Divorce and Home Ownership 
A house is often seen as more than an asset. It's where you live. You may have put a lot of hard work into making the house feel like home, and it can be a difficult decision to give that up during a divorce.

Will You Keep or Sell the House? 
You may have bought the house with two incomes, and keeping up with payments on one income may be tough or even impossible. Remember to calculate not just the monthly mortgage, but also the insurance, repairs, maintenance, property taxes, utilities and other expenses for which the owner will be responsible.

Splitting Assets
You need to know what you and your spouse are worth together and what you're worth on your own. It sounds like a lot to assess and calculate, but it comes down to a simple equation:

Net Worth = Assets - Liabilities