3 Ways Divorce Affects Your Finances

Divorce is expensive, both emotionally and financially. Protecting your financial health during a divorce is crucial. If you and your spouse are headed toward a split, be sure to learn about the laws that govern divorce proceedings and the impact they can have on your assets.

Dividing the assets. Typically, everything you and your spouse have acquired from the day you were married is subject to division. The exceptions are individual inheritances, gifts to an individual spouse, and assets acquired before marriage. When assets are divided, the court considers each spouse's earning potential, the length of the marriage, and each spouse's contribution to building household assets.

via 3 Ways Divorce Affects Your Finances - The Smarter Investor usnews.com.