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Take financial control during divorce, Part 2

In our last post we provided several tips that individuals who are in the course of a divorce might want to follow to get themselves back on track financially, after it is complete. In this post we will pick up where we left off with additional tips.

There are many things that people undergoing divorces should be aware of. One of them is how capital gains could negatively impact them. Not all assets are created the same and if one spouse receives those that appreciated more than others, because of having to pay capital gains taxes, in the long run they will actually receive less than their ex. Along those same lines, individuals should be aware that not all assets that are assigned the same dollar amount will actually be worth the same amount over time.

If the parties signed a prenuptial agreement before they married, it should be located. This document will have a great impact on how assets are distributed in the course of the divorce.

For many, the process of divorcing is highly emotional. When emotions run high it can be difficult for parties to focus on the facts and not let their decisions be clouded by their feelings. Taking the time to learn about the investments that have been made and understanding the difference between marital and non-marital assets can help in this regard.

Working with a lawyer who has a thorough understanding of the laws of the state in which you are divorcing is vital. That individual can help to make sure all of the matters that need to be addressed are taken into consideration.

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