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How to Avoid Financial Difficulties After DivorceDivorce rarely comes as a surprise and is often a decision that is made by both spouses after months, or even years, of conflict. Unfortunately, most divorcing couples can see their marriage coming to an end as time goes on. Though this may be difficult to accept for some, most spouses have come to terms with their divorce before contacting an attorney for help. For those who see their marriage coming to a close, it is important to financially prepare for your future. It is no secret that divorce can be an expensive legal process, but with proper preparation, you can be fully prepared for the start of your single life before signing any legal documents.

Re-creating Your Budget

Many families have a budget that they work with on a monthly basis. Whether it is typed up on a spreadsheet or simply an estimate in the back of your head, this budget will have to be revamped for those going through a divorce. This budget may look different during your divorce to accommodate for any legal or court fees that you may incur during the divorce process. Having an idea of a post-divorce budget is a good way to start your new life. In most cases, this budget cannot be nailed down until after you and your divorcing spouse have discussed spousal and child support payments as well as the division of assets.

Updating Official Records

In the midst of a divorce, it can seem overwhelming when you realize the number of legal and financial documents that need to be changed. With the help of your attorney, adjusting this paperwork can be done much easier. This may include contacting your workplace to notify them of your changing marital status so that they update your insurance and 401(k) plan. If you have a will and/or powers of attorney, you will need to be sure that your former spouse is removed from them immediately. Many forget this step and do not realize it until they are in the midst of an emergency situation.

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