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Suggestions for preparing financially for life after a divorce

For many couples, the happily ever after is not realistic. When a marriage is not sustainable, it is important to make sure that one is able to survive and even thrive after a divorce. Colorado residents who are considering this step may be interested in reading a few suggestions concerning financial tips to prepare for a newly single life.

The first matter to consider is the best option for obtaining the dissolution. It can make a difference monetarily if the former couple can come to terms rather than contest the issues. The next step may be to ascertain what assets are available and what liabilities will need to be taken into consideration when determining an equitable settlement. It may also prove useful to understand what one's tax liability may be when splitting assets and to run a credit assessment on oneself to avoid unpleasant surprises.

Another step to consider is double-checking to ensure one's chosen beneficiaries are correct on any policies or retirement and trust accounts. Also, if possible, it may be prudent to take steps to protect any monies such as support and spousal maintenance income from the former spouse. While this may not always be possible, it may prove to be worth the effort in the event the former partner becomes disabled or dies unexpectedly.

A few last suggestions include remaining on a sensible budget and continuing to contribute toward retirement to the extent possible. There are many reasons why couples eventually seek a divorce; however, that does not mean one cannot look forward to a bright future after everything has been settled with the former spouse. There are experienced professionals who can assist Colorado residents in reaching that brighter tomorrow by means of compassionate and competent guidance throughout the divorce process.

Source: Forbes, "How to succeed financially during and after a divorce", Mark Avallone, Jan. 27, 2017

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