10 Important Financial Factors To Consider During A Divorce
Navigating a divorce is challenging not only emotionally, but also financially. Given the legal ramifications, emotional stress and psychological impact involved in the dissolution of a marriage, people in the midst of this difficult process may neglect to take essential steps to ensure their own financial well-being.
Financial advisors might be able to help, but they must know what they’re dealing with, and unfortunately, many of the finer details can go unnoticed during such a severe upheaval. While the consequences of ignoring vital considerations around finances might take some time to realize, they could be devastating in the end.
In this excellent blog posting, members of Forbes Finance Council highlight 10 of the most critical financial concerns that individuals going through a divorce need to consider.
Create An Advisory Team
Be Aware Of Life Insurance Demands
Consider Your Tax Status
Consult An ERISA Specialist
Update Your Estate Plan
Consider Selling The Marital Home
Consult A Financial Advisor Before Making Hasty Decisions
Don’t Burn Through Savings Paying Legal Fees
Consider The Cost Of Future Time Constrictions