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How will divorce change your financial future?

Couples going through a divorce will experience major changes to their financial situation. They need to make sure they understand what this means for their futures.

For some couples experiencing marital problems, it can be very difficult for them to know when it is time to move on. They spend countless hours thinking about what they need to do to save their marriage. While it can be hard to make the decision to file for a divorce, it is essential that people are prepared and informed about the changes that they will experience once the marriage has ended.

Most people are well aware of the emotional impact of divorce, but they may not realize that there are major financial implications as well. Once divorce proceedings have been initiated, one of the parties may leave the couple's home. This means that the couple will now have to establish two separate households, which will drastically increase the monthly living expenses for each party.

Couples will also need to examine how they handle their finances, as many will have accounts that allow both spouses to access the funds that they have available. Joint checking and savings accounts need to be closed immediately, even before any proceedings commence. If the couple has shared credit cards, they also need to be closed as well. Those who do not protect these assets could find themselves suffering severe financial harm as the result of actions by an upset soon-to-be ex-spouse.

Major decisions will also need to be made about the division of marital property. This is important, as individuals need to understand exactly what their financial situation will be once they have completed the divorce. This could factor in to any awards for spousal support, especially if one of the parties left behind a career to care for the children.

It is important that you are completely aware of the financial challenges that will arise during your divorce. While you may simply want to get the divorce over as soon as possible, this could be the worst thing that you could do. You could wind up experiencing serious issues with your credit, or, even have to file for bankruptcy in order to get your finances back on track.

To prevent these things from happening, you should discuss your situation with a knowledgeable divorce attorney in your area. Your attorney will be able to find a solution that is custom-made for your specific situation. You will be able to ask the questions that you have, and gain an understanding of the essential steps that you will need to make to protect yourself and your family, both now and in the future.

Keywords: divorce, family law, division of marital property