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Your divorce and your financial future

by | Sep 7, 2019 | Divorce

If you and your spouse in Indiana have been experiencing marital difficulties and you believe that ending your marriage may be the best thing for you, it is important that you approach your divorce in a pragmatic and smart way. This involves making sure you are fully versed about your marital financial situation and that you plan appropriately for your future single financial life. If you have not been the one in your marriage to handle money, now is the time to get involved and learn as much as you can.

As explained by Forbes, the more you know about your financial matters, the better prepared to make decisions during your divorce negotiations you will be. Some of the things that you should review include the expenses you might automatically think of like mortgage payments, utilities, grocery costs, car payments and regular costs for your kids like child care.

You should also learn about things like your mortgage terms, interest rate and balance; all credit card or other debt account balances and interest rates; investments; retirement accounts; life insurance policies; health care insurance costs; health care out-of-pocket costs and property taxes. Bucket matters into assets and liabilities to get a full view of your situation.

If you would like to learn more about the importance of financial education before and during your divorce, and how to plan properly to avoid financial disaster due to a divorce, please feel free to visit the money and marital dissolution page of our Indiana family law website.

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