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Finding financial health after a divorce

Posted On February 15, 2018 In High Asset Divorce

It should be no surprise to readers of this Arizona family law blog that ending a marriage and dividing a single home into two households can be expensive. A couple that shares a mortgage may find itself paying that mortgage and rent for one of the partners to live in a residence other than the marital home; to support that second address the individuals both must pay utilities, buy household goods and attend to many of the other costs that are needed for a person to live on their own.

While creating a sound property settlement pursuant to a divorce is an important part of protecting a person’s post-marriage financial health there are many other ways that people can help themselves land on their feet in the wakes of their divorces. For example, divorced parties should cancel any credit cards that they share with their exes as they can become liable for the costs their ex-partners incur as joint holders of the accounts.

Additionally, divorcees should consider speaking with their estate planning professionals to ensure that their exes are removed from their wills and other estate planning devices. A person who fails to take such a step may inadvertently allow their former spouse to inherit from them through their unchanged estate plan.

Finally, divorced individuals should be vigilant about the accuracy of the payments that they receive from their exes for child support and spousal support. While not all divorces will result in the ordering of these ongoing forms of payment, those individuals who are on the receiving end of them should make sure that their exes do not fall behind on or stop making such payments to protect the financial health of themselves or their kids.

Consultation with legal professionals can be an important part of managing one’s post-divorce life. In order to prepare one’s self for the financial challenges of being single, readers may wish to discuss their concerns with their divorce attorneys.

Source: forbes.com, “A Check-List To Help You Manage Post-Divorce Finances,” Jeff Landers, Feb. 12, 2018