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Tips for making smart financial choices during a divorce

On Behalf of | Feb 2, 2017 | Divorce

When a marriage has run its course and two people choose to go their separate ways, it may be that neither of them fully understands the changes that are about to take place. In particular, the financial ramifications of divorce can be a lot with which to contend. By following a few tips, however, it may be possible to avoid some of the worst monetary pitfalls.

The first step is to decide what kind of divorce to have. If two people in Alberta can agree to work together on a settlement, they can choose mediation or another form of alternative dispute resolution rather than go through litigation. This decision alone may reap substantial benefits and lay the groundwork for other good financial decisions.

It is also recommended, no matter the manner of the divorce, that each person take stock of the current, individual situation. Knowing one’s assets and liabilities, as well as taking care of any credit report issues, may be of great value during a divorce. Without understanding where one is, it may be difficult to formulate an effective plan for getting to where one wants to be.

Looking ahead and planning for the future is very important, even if a person thinks he or she has already done so. For example, it may be time to update wills and other advance planning to reflect the new situation; many people name their spouse as beneficiary or give him or her power of attorney, arrangements that are unlikely to be desirable after a divorce. Creating a budget for current spending, and saving for the future are also sound advice for a solvent tomorrow.

Going through a divorce may require significant adjustment to a person’s lifestyle. However, it doesn’t have to be the end of the good life; with proper preparation, it may be the beginning of an exciting new chapter. A devoted Alberta family law attorney may be able to help a person to achieve his or her divorce goals, whether negotiating or litigating.


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