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Taking Steps To Protect Your Financial Future During A Divorce

On Behalf of | Jul 6, 2022 | Divorce |

There may be a variety of vital factors to address when preparing to protect your future during the end of your marriage. If you and your spouse choose to part ways, you may have questions about what to expect from the process and about how the outcome could impact your future in Oregon.

While it might come as no surprise that a divorce can carry certain monetary ramifications, it does not have to spell doom for your financial future. Understanding some vital financial topics to address and steps to take could help place you in a position in which to create a strategy for divorce that aligns with your future needs and wishes.

Financial topics

Seeking insight on some of the most essential financial topics to address could help you prepare to avoid mistakes and make informed choices about your options. Some examples of such topics may include:

  • Asset values: Not all assets are equal. Knowing the true value of each asset and the possible tax ramifications involved could prove essential to creating a strategy for negotiations.
  • Family home: While it may hold significant sentimental value, seeking ownership of the family home might not always be a financially sound decision. Carefully considering your options may be imperative.
  • Retirement assets: Retirement and investment accounts could play a significant role in your divorce. Seeking advice on every vital factor to address regarding such assets might prove vital to making informed choices.
  • Beneficiaries: A similar life change could alter your preferences. Updating beneficiary information on accounts after finalizing your divorce may help safeguard your wishes.

Addressing topics such as insurance options and the costs of helping the kids pursue a higher education may also be vital factors to consider when preparing to safeguard your financial future.

Your financial future

Knowing the steps to take to prepare for the financial side of dissolving a marriage can be complex as these steps may vary, depending on your situation. With so much at stake, it could be in your best interests to seek guidance on your options and in creating a strategy for what comes next that aligns with your needs and wishes. Such a decision could prove integral to developing a strategy with which to protect your financial future and help shift your focus toward entering a new chapter in life.

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