Family Law

Financial Tips for Divorce Planning

By Erin Kelley

Financial planning is an important part of any life changing event, and divorce is no exception. To make the transition from living in a household with two incomes to only one income, careful planning is required for divorce parties.

Important Steps to Take When Planning a Divorce

* Investigate the value of all assets, including investment and retirement accounts of both spouses

* Evaluate debts and figure out who will be responsible for paying off the debts after divorce

* If children are involved in divorce, discuss child support, custody expenses, costs of traveling for child visitation and claiming children on tax returns

* Look at insurance policies to learn more about coverage and beneficiaries

* Revise wills

Additionally, ex-spouses usually create a new budget after divorce. For many, this may mean cost-cutting and living more frugally than before.

If you are considering a divorce, you should gather all of your financial information, including tax returns, wills and insurance policies. Bring these documents to your meeting with a local divorce lawyer. With all of this information, you divorce attorney will be able to advise you and protect your rights during the divorce.

Visit Total Divorce for more information about divorce and finances.

Full post as published by The Divorce Blog on February 17, 2009 (boomark / email).