For people in Oregon, the uncertainty of life when a marriage ends may bring with it many fears. Some of those questions cannot be prepared for ahead of time. However, when it comes to one’s financial situation, there are some things a person can do prior to a divorce settlement.
Before negotiations begin, a person may wish to take an inventory of assets. Having a list of property, investments and benefits will be helpful when it comes time to divide or sell the assets. Some holdings — like a savings account — are useful for quick access, while others — like a 401(k)– are better for long-term investment. A person should know which type would be more advantageous to him or her before the assets are divided.
A person preparing for divorce may have to make a candid assessment of his or her living expenses. Life after divorce may require some downsizing, and a person wants to be sure he or she will be able to live within a new budget. This may also require one to evaluate income sources and to be aware of future needs when the time comes for negotiating asset division.
Once the divorce is finalized, a good review of one’s estate plan may be in order. This may include reviewing retirement plans and reconsidering the beneficiaries on life insurance policies and wills. Also, one can begin to establish credit in his or her own name and move forward with a new life. People in Oregon find it helpful to have a lawyer to guide them along the way. Having a knowledgeable attorney by one’s side may make it a little less stressful to go through these major life changes.
Source: insideindianabusiness.com, “Getting Divorced? Understand The Money Issues“, Elaine Bedel, July 25, 2016