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Building a strong financial future after divorce

Financial troubles are one of the leading reasons that couples choose to end their marriages. These financial battles do not stop once the divorce papers have been filed, but they can sometimes complicate the divorce process and leave Kentucky couples facing financial consequences that can last for years. One of the best ways to build a strong post-divorce financial future is to prepare well and make smart decisions before the divorce is even final.

Divorce can be a difficult process, and it is normal to feel emotionally overwhelmed when it comes to financial decisions. However, decisions should be made and arrangements structured based on what is fair, equitable and allows for a strong future. One way to ensure that this happens is to make sure that all debts are disclosed and to seek an equitable distribution of all marital debts.

It is also important to protect future interests by updating any estate plans and retirements accounts to reflect the new situation. Beneficiaries should be changed, and it may be necessary to rework a retirement savings strategy based on post-divorce financial capabilities. Many people find themselves in financial trouble after divorce, but full disclosure of debts and assets and the help of an experienced lawyer can ensure that a person is protected during this time of transition. 

Divorce can be the first step in the journey toward a better future, but it is critical to ensure that all financial elements are carefully considered during the actual divorce process. Before making important decisions, Kentucky readers should seek the counsel of an experienced family law attorney. Navigating a divorce can be difficult, but it does not have to be done alone.

Source: msnewsnow.com, "7 ways to protect yourself financially in a divorce", Andrew Housser, July 18, 2016

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Tasha Scott Schaffner, PLLC - Attorneys at law

505 Centre View Blvd.
Crestview Hills, KY 41017

Phone: 859-491-1011
Fax: 859-491-1899
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