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Tips for preparing financially for divorce

For many married couples, divorce can be an emotional roller coaster ride. For couples who have been married for many years, divorce can also be financially stressful. However, by following a few simple financial tips, separating Georgia spouses can keep control of their finances and reduce costs during the divorce process.

When a couple decides to divorce, it typically means that each person will now have to rely on their own source of income. Creating a realistic budget can help to prepare for life post-divorce, and it can dramatically help to smooth the transition. A good place to start in preparing a budget is to obtain a credit report and make note of the credit scores. 

It is also important to do some long-term planning. For example, many retirement assets such as 401(k) plans are often divided when a couple divorces, and it will be important to investigate the details i n order to gain an understanding of what funds may be available and when. Additionally, each person will have to re-examine their various insurance policies as they make the transition as well.

By being prepared financially for divorce, it will also help to ease some of the emotionally stress involved. These tips are a good starting point for preparing for divorce, although there is much more involved in the process. The legal aspect of divorce is intricate. Luckily, anyone in Georgia that is concerned about how their life may change can avail themselves of professional assistance in order to pursue a settlement that is both fair and comprehensive.

Source: The Washington Post, "5 ways to keep a divorce from being needlessly expensive", Jonnelle Marte, Oct. 31, 2014

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