Divorce could affect more than you expect.
No matter how you look at it, divorce is a difficult and turbulent time. Ending a marriage can strain relationships, emotions, friendships and finances. It also involves some tough decisions and court judgments that have long-lasting financial impacts on one or both parties.
Below we’ve highlighted four common ways divorce can impact your finances and a few strategies you can use to help protect yourself from financial duress.
Division of assets doesn’t just mean the house; it’s also bank accounts, real property, vehicles and all other items of significant financial value. You could also be responsible for the mortgage, credit cards, automobile payments and other forms of debt incurred during the marriage.
There are ways you can protect yourself from the financial strain of divorce. These include signing a prenuptial agreement, maintaining separate bank accounts, and documenting all assets acquired.
Call the office today if you’d like more information about strategies you can use to help mitigate the financial effects of a divorce.
This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.
Financial Changes Caused By Divorce
October 14, 2021