Planning for Divorce? Make These Critical Financial Moves

 Posted on January 09, 2017 in Divorce

Divorce is a complex process with numerous financial pitfalls. Some are devastating enough to cause long-term divorce-induced poverty. Others can take years to overcome. Thankfully, there are ways to reduce your risks of money troubles during and after the divorce. It all starts with preventative measures, such as those covered in the following information. Learn what you need to know about protecting your finances during divorce, and where you can find experienced help.

Avoid Sentimentality When Choosing Assets While some assets may be straightforward, others, like a family home, can have emotional attachments. Those feelings can cloud your judgment and make choosing which assets to keep a difficult task. Yet it is critical that you consider your options with objectivity. Consider whether you can actually afford to keep an asset. Include tax considerations in this analysis as well. You may also want to examine your day-to-day living situation. For example, if you were to keep your home, could you properly maintain it? Let your conclusions guide your decisions. Insure Child Support and Alimony Payments If you are awarded child support or alimony in your divorce, it is critical that you protect them with an insurance policy. This can ensure that you continue to receive payments if something happens to your spouse. Make sure that you are the one who owns the policy though. If your spouse owns it, they can change the beneficiary without your knowledge, which could ultimately result in a complete loss of any funds after their death. Get Experienced Assistance The internet is full of alternative divorce options, including DIY ones. Many promise to save you money - and they might, in the short run. Yet they have the potential to create serious problems in your divorce. In a best-case scenario, they might end up costing you more money to fix. In a worst-case scenario, they can cause irreversible damage and place your long-term future at risk. Do not take a chance! Get experienced assistance and ensure your divorce is done right, the first time around, and increase your chances of a favorable settlement. At Stock, Carlson & Asso. LLC, we know how to handle even the most complex of divorce cases. Seasoned and experienced, our DuPage County divorce lawyers can protect your interests and rights, every step of the way. In every situation, we pursue the most favorable outcome possible. Learn more about how we can assist with your situation. Call 630-665-2500 and schedule your initial consultation with us today. Source:

http://www.cnbc.com/2016/12/22/headed-for-divorce-court-here-are-your-top-5-financial-musts.html