Investing In Your Future After Divorce Starts Before You File

Mar 27 2018 - Posted by , in Divorce, Financial Challenges, Tagged in Divorce, Financial Challenges

When most people think of life events which can negatively impact one’s financial future, the first to come to mind may be a disability, death of a spouse, change of employment, or a medical emergency. Many do not consider divorce, which can have the most significant impact on your financial future.

Divorce will impact your financial situation now and for many years to come. So where do you start when your financial stability is at stake?

Start with an attorney who understands your financial goals and current financial situation. While most attorneys are not financial planners, you have the ability to choose an attorney who will fit your needs and maximize your financial benefit. This does not necessarily mean finding an attorney who will guarantee that you are awarded a disproportionate share of your marital estate, but the attorney who will be conscientious about not spending the majority of your retirement savings on attorney’s fees.

The right attorney is just the first step to awareness and taking control of your financial future during a divorce. You will need to know exactly what assets and debts you have. Take the time to make a spreadsheet containing this information, or at the very least, prepare a list if you cannot make a spreadsheet. It is not uncommon for an account to be mistakenly omitted during this emotional process.

Awareness of your financial situation is followed by planning how to sustain your “new” life existing on one income instead of two, considering child support payments you are making or receiving, also, funding your retirement. It may seem overwhelming, but it is a process you will take one day at a time.

For more information on how to succeed financially both during and after a divorce, follow the link below.

Source: How To Succeed Financially During And After A Divorce by Mark Avallone

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