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3 financial tips not to forget when you're filing for divorce

If you've decided it's time to get a divorce, then there are a few things you will want to make sure you don't do. Making the wrong decisions now can impact your financial future, so consider these factors before you agree to any settlement.

First, realize that your assets define your wealth. These are important to your financial security, so you should make sure not to rush through a divorce simply to get out of your marriage. It might be tempting to settle for anything the other person wants just to get it over with, but you will likely regret making snap decisions later. You should take time to review what you need out of your marriage and make sure you create a settlement offer or negotiate to get those assets. What your retirement account is worth now will grow later, and the value of your home may be more than you think. Consider all the assets you have and how they may change.

Make sure you look for all the assets in your possession. If you forget about retirement accounts, bank accounts or other assets, you're not going to be able to negotiate for them. The best way to make sure you find all the assets is to have both parties take an inventory of what they own and then cross-reference those lists.

Don't forget about taxes. If you want to request alimony, know that you'll pay taxes on it, while the other party writes it off on his or her tax return. If you sell a home, receive an individual retirement account or take other monetary assets, watch out for taxes and know to negotiate for the real value of those items.

Take lists of your assets and the items you'd like to get out of your marriage to your attorney. Negotiations may be long in some cases, but if you and your spouse can agree, then you may be able to move the asset division process along quickly.

Source: The Fiscal Times, "6 Money Mistakes to Avoid When You're Getting a Divorce," Kelli B. Grant, CNBC, Aug. 26, 2016

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