Whether you’re currently contemplating a divorce or in the middle of one, you may wish to adopt these strategies if you’re the spouse in a superior economic position. Every day, we hear more and more about the wave of increased economic instability that’s in front of us:
- There’s a housing bubble that’s due to a crash at any moment
- Stocks are taking a dive
- The same with cryptocurrencies
For individuals who own any of these assets — especially if you are getting a divorce — you need to know what to do.
If you are considering divorce, as you look across the economic landscape, some of the questions you may have are:
- Do I continue to file for dissolution of marriage in this economy?
- What will it look like when I get to the settlement stage?
- What should I settle for? What should I seek?
- Is it right to take the house right now?
- Is it better to take stocks or cryptocurrency?
While we cannot offer actual financial advice in this blog post, we can hopefully point you in the right direction.
What to Do With Your Home During a Divorce
First, let’s discuss your home. In nearly all cases, a spouse in a superior economic position will not want to keep their house right now.
This is because its value will fall rapidly — and very soon. You’d have to purchase it at the top of the market price if you wanted it now, and your spouse would be the one getting a great deal for it. An ideal situation would be if you and your spouse both decided to sell the house so that you could each get the funds, and then, perhaps, you could sit out the market for a while and repurchase it later.
What to Do With Stocks and Cryptocurrency
Over the past few years, stocks have been trading at very high levels, especially in the technological sector. But now, we’re seeing these same stocks taking a swan dive.
So, if you’re getting a divorce right now, the question is: Do you equally distribute your stocks among the two of you? Or, do you attempt to keep them all or sell them all?
Unfortunately, this is not going to be the same answer for everyone. Speaking to a financial advisor is the only way to know what to do in this situation because everyone’s view on stocks and cryptocurrency is different, everyone owns different shares, and everyone has other financial goals.
Speaking to a Financial Advisor
If you are going to move forward with a divorce in the near future or are currently in the middle of divorce proceedings, the best thing you can do right now is to talk to a financial advisor. This is true whether you’ve been managing the money in your relationships or you’ve usually taken a back seat. Some highly-skilled financial advisors will work with your attorneys to uncover the best course of action for you.
If you are looking for a family law attorney, please get in touch with us at Hartley Lamas Et Al. Our job as family law attorneys in a divorce process is to give you the best advice possible regarding your divorce. We’d be happy to discuss your case with you. Give us a call today.