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What Couples Should Consider Financially Post-divorce

When the subject of finances and divorce are broached together, many immediately think in terms of how much the divorce is going to cost. However, some suggest that Worcester couples considering the eventuality of divorce would be equally wise to consider how the process may affect their finances long-term.

When one or both spouses realize that divorce is imminent, each one should begin to consider how their finances will be impacted and what they can do to maintain financial security. One suggestion is that couples, together or individually consider the advice and guidance of a financial adviser. Seeking such help could help couples lay out plans for how their financial futures will be secured. There are many financial implications in divorce, including taxes, financial accounts, insurance policies, and more.

It is also important that individuals consider what their income will be after divorce. Individuals who have been accustomed to the benefits of two incomes in the household may have a difficult time adjusting to only one. Additionally, individuals who did not work during the marriage may have to seek employment to make ends meet. These and other possible lifestyle changes required after divorce should be considered so that each party can adjust their budgets accordingly.

While it may be difficult for some divorcing Worcester couples to consider how their lives will be affected in the long term post-divorce, such considerations are important. Budgeting, understanding one's finances, and embracing changes with a level head can help individuals cope with the changes they will face as they morph from couple to singles.

Before and during the divorce process, many financial issues will be discussed, especially in the property division phase. If the couple can work together to reach an equitable agreement, both parties may begin their individual lives on a firmer footing. When tension arises, having the right help can make a tremendous difference in the overall success of the divorce process.

Source: USA Today, "Before divorce, you should get financially prepared," Hadley Malcolm, Sept. 9, 2012