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Preparing for the financial side of divorce

Sometimes, the divorce process can be so overwhelming emotionally that certain financial aspects may get overlooked. With some planning before initiating the process, however, separating Colorado spouses can be better prepared for the financial side of divorce. Here are several tips to financially prepare for divorce as well as life after the marriage ends.

Before initiating the divorce process, the parties would do well to examine how the divorce is going to affect their tax situation and plan accordingly for the changes. Another step to take pre-divorce is to start opening accounts in separate names in an effort to protect individual credit ratings. Also, it may be best to ensure that each spouse has a means of making his or her own income; otherwise, the divorce may have a devastating financial affect for any spouse who is unemployed.

During the divorce process, if the couple has children, then it is crucial to outline not only custody arrangements but also expenses relating to the children for both the short-term and long-term. Additionally, if at all possible, it is almost always in the best interest of both spouses to try their hardest to maintain an amicable separation. If the parties can keep the lines of communication open, the divorce is much less likely to have harsh emotional as well as financial consequences.

Finally, having a good support team is helpful Colorado couples seeking to divorce. This support team not only includes having sympathetic friends and family members, but also it includes seeking guidance from professionals. A family law attorney can give invaluable advice about the divorce process and help achieve a fair and lasting settlement.

Source:, "7 ways to mitigate the financial fallout from divorce", Phoebe Venable, Nov. 7, 2014

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