In a lot of marriages, both spouses share the responsibility and knowledge of all financial decisions equally. Both have equal knowledge about their assets, taxes, estate planning and other legal and financial issues.
But there are also many marriages where only of the spouses has taken responsibility for handling and maintaining all of those duties. If the couple splits up, the spouse who was not included in these decisions is left feeling as if they have no clue as to where they stand financially. In legal and financial circles, this spouse is called the “out-spouse”.
Anyone going through a divorce is apt to feel stressed out, uncertain and even scared as to what the future may bring. For an out-spouse, the feelings may be even more intense as they may have not had to think about these issues for a long time. Now, suddenly, they are responsible for both their current and future financial decisions all on their own.
The Chicago Tribune recently published an article explaining how common these fears are and different ways to help overcome them.
Because many out-spouses don’t have a clear idea on what the couple’s detailed financial situation has been, they fear they might not get their fair share in a divorce settlement. If a couple has many accidents, the experts suggest hiring a forensic accountant to ensure that assets are not only being hidden, but that there true financial values are also determined.
The fear of not knowing what you will have in the future is also very common. Knowing exactly what you will have and in what form – liquid, property, etc. – is key. Hiring a financial consultant before the divorce can also help plan that future out.
The fear that there will be a significant change in lifestyle is also a fear that a financial consultant can help with by creating a post-divorce income and expense report so you can see specifically what your financial situation will look like.
Even in the friendliest of divorces there can still be disagreements that arise, especially over finances. Contact a knowledgeable Wheaton family attorney today to make sure that your soon-to-be ex isn’t hiding any assets and keeping you from getting your fair share of the marital estate.