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Financial Matters To Take Care Of Post-Divorce

Posted by Unknown | Oct 16, 2020 | 0 Comments

financial matters to take care of post-divorce

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Navigating the financial landscape after divorce can be challenging, yet essential for future financial security. This article details the importance of handling finances post-divorce, including common mistakes to avoid as well as 10 major issues to consider. In addition, this piece covers when and why legal advice may be sought along with the benefits of hiring an attorney to assist with your divorce, how to find an appropriate one, when to consult them as well as our firm as a partner who can guide your journey post divorce.


After a divorce, why is it important to take care of financial matters?

Divorce can be an emotionally and financially transformative event, leaving lasting consequences to your emotional stability and financial security. Ignoring financial matters during this transition period could have long-term ramifications that threaten your peace and well-being. Thus, it's vital that post-divorce issues be resolved to ensure financial security.


Neglecting financial matters can have serious consequences:

Numbing yourself financially after a divorce can have serious repercussions. Ignoring finances after divorce could prove fatal.

  • Financial Insecurity: Failing to address your financial concerns may lead to an unstable situation that makes meeting essential needs and obligations increasingly challenging.
  • Legal Problems: Unresolved finances may lead to court intervention and costly legal disputes, adding even more stress and expense to an already difficult situation.
  • Credit Damage: Substantial late payments or outstanding debts may severely harm your credit rating and make it more difficult for you to acquire loans and credit in the future.
  • Missed Opportunities: Neglecting investments, insurance or estate planning could result in missed opportunities for growth and security in terms of your finances.
  • Long-Term Impact: Ignoring financial matters may have lasting repercussions that go beyond divorce. They could adversely affect your financial health for years.


Post-divorce Financial Mistakes To Avoid:

Avoiding common financial errors after divorce is essential to protecting your finances and ensuring a sustainable future. Watch out for these common financial errors:

  • Rushing Decisions: Avoid making hasty decisions, assess your new financial status thoroughly first.
  • Rejecting Budgeting: Failing to establish an accurate budget could put your finances into disarray and increase overspending.
  • Neglecting Insurance: Make sure that you have adequate health, property, and life coverage.
  • Refuse Legal Advice: For optimal protection of your rights and interests during a divorce proceeding, hire legal assistance to protect them.


10 Financial Matters to Take Care of Post-Divorce

  1. Update Your Financial Records: To protect yourself financially during a divorce proceeding, ensure all of your financial records, such as bank accounts, insurance policies, and credit cards reflect your current status.
  2. Create a Post Divorce Budget: Create a budget that takes into account both income and expenses post-divorce as well as your financial goals and aspirations.
  3. Review And Modify Your Estate Plan: Rethink and revise your wills, trusts, and beneficiaries after divorce in order to meet the changing demands.
  4. Proceed with Caution when Dividing Joint Debts: For an amicable resolution, divide and settle jointly held debts amicably to prevent potential future financial disputes.
  5. Evaluate Your Retirement Savings: Assess what retirement savings you have available and adjust the investment strategy or contributions accordingly.
  6. Consider Tax Implications: To maximize tax savings during and after a divorce settlement, understand its tax ramifications and adjust your planning accordingly.
  7. Consider Child Support and Alimony: Be mindful of Child Support and Alimony payments if applicable. Make sure that you know your rights and responsibilities regarding child support payments.
  8. Update Health and Life Insurance:  Review all policies to provide protection for you and your dependents.
  9. Divide Property: If you and your partner own property together, divide assets and liabilities fairly and equitably.
  10. Establish Or Replenish An Emergency Fund: Establish or add to an account in order to provide financial security in case of unexpected events.


Why hiring a divorce attorney is better than going it alone?

Navigating the legal and financial complexities associated with divorce can be complex and intimidating, which is why consulting a family law attorney often is your best bet:

  • Attorneys specialize in family law and can handle all legal aspects pertaining to it, while protecting your rights.
  • An attorney is often the perfect way to provide objective guidance during difficult times and help make informed decisions.
  • Attorneys are highly adept at negotiation and work to secure their clients the optimal result.
  • Legal mistakes can be expensive. Hiring an attorney will help protect against them.


When is the right time to hire an attorney?

Divorces don't always require legal representation, but when necessary it would be prudent to consult one.

  • Dividends are essential in managing various assets.
  • Child custody and support issues are complex.
  • Your spouse has hired a lawyer.
  • There has been a history of domestic abuse.
  • You're unsure about the legal process.


Consider these factors when selecting a divorce lawyer:

  • Experience: When hiring an attorney who specializes in family law, choose someone with ample experience.
  • Reputation: Check online reviews or ask friends and family members for recommendations when researching reputation.
  • Communication: Select an attorney who is capable of communicating clearly and listening attentively.
  • Cost: It is essential that all fees and costs be discussed up-front and ensure they fit within your budget.
  • Compatibility: Select an attorney whom you can feel at ease working with.


Why Choose Drama-Free Divorce?

We are an exceptional divorce attorney who fulfills all the criteria of excellence. With years of experience and personalized service that ensures clear communication, our rates are highly competitive and our team will protect your interests throughout.


Suggestions for Action:

  • Consult an Attorney: For an accurate assessment, contact a family law attorney and set up an appointment for a consultation meeting.
  • Collect Financial Documents: Gather any and all financial documents such as bank statements, tax returns, and title deeds that pertain to your finances.
  • Create a Post Divorce Budget: As soon as your divorce has taken place, begin creating a budget to reflect the new realities.
  • Review and Update: Examine and update your estate plan and insurance policies.
  • Seek Support: Don't hesitate to seek emotional support from friends, family, or therapists during this trying time.

After your divorce, it is vital to secure your financial future by taking steps to manage your finances well and ensure a prosperous future. Avoid common errors by prioritizing important matters and seeking legal assistance as needed - choosing an experienced attorney as your guide through this challenging period and securing its future is key for a smooth journey and financial security. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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