The emotional fallout from getting divorced varies from person to person. The financial consequences are also different for every case. Regardless of your circumstances though, these two issues are the most complex for every case and how well you plan for your future depends on how carefully you examine your needs. With finances there are steps you can take to ensure your financial freedom after the divorce, such as by aggressively seeking a distribution of property that is fair and by making sure certain things are done that will impact you later on in life. Orders regarding alimony are the most obvious way in which your finances are affected when you get divorced, but there are also other areas of your life that require examination.
Other practical advice for how to budget and how to manage your money after divorce include looking at the following top two tips for financial success after divorce:
● Changing the beneficiary on your life insurance, or other investment accounts that contain beneficiary designations. A popular choice is to change that designation from your spouse to your children.
● Removing any gifts or bequests in your will or other estate planning documents (such as a trust) made to your spouse.
Your divorce decree will set forth the rights and responsibilities of the parties after the case ends. Who gets the house, where the kids live, and how debt is divided. Making sure these terms are followed helps keep your credit clear and helps you to reach solid financial footing when your case is over. When issues arise after the divorce, you have options to make sure your finances are protected. Seeking modifications of the decree or holding your ex in contempt are some of the ways you can enforce the terms and protect your rights. Your financial independence depend on the choices you make, and we are here to help you make informed and well thought out decisions.
For more information about planning for your financial future after divorce, call us today. Let us put our experience to work for you. Call the Sampair Group in Phoenix and the West Valley today to schedule your appointment.