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How to Achieve Financial Stability After Divorce

How to Achieve Financial Stability After Divorce

Divorce can be both emotionally and physically painful for you as well as your loved ones. Dealing with the financial consequences of the divorce process can seem like the last straw. It’s very useful for those preparing for or currently filing for divorce to consider the financial implications, so they can make the necessary preparations.

Understand How Divorce May Affect Your Finances & How You Can Prepare:

Make sure to take the appropriate first steps if you are seriously considering divorce. Don’t put off thinking about financial settlement negotiations – there is a lot involved and you don’t want to leave these details to the last second or you may be caught unprepared and not ready to take the necessary action to obtain a fair financial settlement in the divorce decree.

Take stock of your “new” life. What will it entail. What will you already have? What will you need? Consider the fact that you’ll need to invest in your new life in many ways and make a plan for how you will accomplish this. If necessary, obtain a professional financial advisor to make sure that you have a solid plan. Make sure to discuss prior to visiting with the professional what key tax, investment, and financial documents you’ll need to obtain in order to thoroughly address the issue.

Consider How Your New Financial Situation Could Affect:

  • Your overall tax scenario
  • Management of retirement accounts
  • Any employer-granted stock options or restricted stock and associated complications
  • Estate planning documents already in place and associated beneficiary designations
  • Cost bases for assets in order to calculate capital gains
  • Your post-divorce budget
  • Your plan for health care benefits/coverage
  • Your current or proposed insurance coverage

Getting through a divorce or legal separation is difficult enough without being completely surprised by financial complications. Attempt to consider both the short and long term effects of the divorce proceedings so that you can address any potential catastrophes before the divorce decree is finalized.

If you need assistance in determining just how drastically your financial situation could change due to an Arizona divorce, get in touch with the Arizona divorce lawyers at Arizona Family Law Attorneys today.
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