Divorce preparation includes becoming financially informed

On Behalf of | Oct 28, 2018 | Divorce, Firm News |

When a couple marries, each partner typically assumes the union will last a lifetime, but sadly, statistics indicate that this is not always the case. Because the outcome of marriage is never guaranteed, married Nebraska residents are wise to consider and prepare for the possibility of being on their own. Even if an individual is already considering divorce, he or she can benefit from the following tips and become as informed as possible before the split happens. Many people, especially women, report feeling unprepared for the financial aftermath of their divorce. Being financially savvy can help individuals avoid some of the stress one can experience in this area post-divorce.

Ideally, both partners should be involved in the finances of a marriage, including day-to-day money management, bank accounts, assets and liabilities, and details of life insurance policies, retirement funds and the like. If a couple uses a financial advisor, it is smart for both partners to attend all meetings and take part in decision-making and planning. If either or both partners are considering divorce and this level of involvement has not been the case throughout the marriage, it is never too late to become better informed.

As well, each partner should consider changes to the financial picture that may occur if or when they split. Areas to think about include health care costs, tax situations, particularly around child support and alimony, and for older people, retirement details. For example, if one partner has relied on the other partner for health coverage, this situation will likely change with divorce, and the impact on one’s budget can be significant. 

When a Nebraska couple decides to divorce, the process itself and all the changes that occur following the divorce can be overwhelming to each partner. The financial aspects can be particularly daunting, but by being informed, individuals can reduce their stress and increase their chances of emerging at the other end with a healthy financial situation. At times like this, individuals can consult with an experienced family law attorney to help them sort through the myriad of financial details and understand the implications for them as well as any dependents.