While most couples recognize that divorce can be an emotionally difficult process, many underestimate the toll it can take on their finances. This impact can extend well beyond the cost of the divorce itself, reaching into your financial future and your retirement. Careful planning prior to filing can help mitigate these effects, and may even improve your overall outcome. Understand why it is important, and how you can successfully implement proper planning techniques into your pre-divorce period.
Taking on a Life of Your Own
Obviously, divorce means that you will no longer be sharing the expenses for housing, utilities, or financial purchases and obligations. But taking on a life of your own is more than just the money you have coming in and going out. You also have to consider banking elements, financial planning, saving for your own retirement, and carrying your own health insurance. Start working on this process as soon as possible. Create a budget for yourself, and live by it. Track your own personal expenses, and explore options for retirement and health care coverage. Lastly, separate any finances that you legally can now. This can help you feel more prepared with the actual split occurs.
Your Financial Future and Retirement
When most couples go through divorce, they are thinking less about the future, and more about the present moment due, in large part, to the emotions and stresses inherent to the divorce process. This mentality, though understandable, can significantly impact your financial future and even your retirement. Protect yourself from possible consequences down the road by effectively examining your joint assets so that you can receive an equitable settlement. Ask your divorce attorney about how you may be able to protect your retirement fund. Additionally, you should consider ways that you may be able to increase your earning potential, both now, and in the distant future.
Seek Skilled Legal Experience With Your Divorce
If you are planning on filing for divorce or even just considering it as an option, our seasoned Naperville family law attorneys can help. Backed by decades of experience, we can provide skilled assistance with asset and property division, spousal maintenance (alimony), and all other financial aspects of your divorce, including those pertaining to high asset divorce. Schedule your free initial consultation with Roscich & Martel Law Firm, LLC to discuss your divorce today. Call us at(630) 793-6337 and get the representation you deserve.
Source:
http://www.chicagotribune.com/business/sns-201602242000--tms--retiresmctnrs-a20160224-20160224-story.html