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Divorce does not have to ruin financial situation

The process of getting divorced is understandably an emotional one, but it is also a major financial process. This is especially true for couples who have amassed a high volume of assets, particularly high-value assets, over the years. A couple of tips may help with navigating the financial aspect of a divorce in Arizona.

Based on a 2012 U.S. Government Accountability Office report, separation or divorce led to a drop of 41 percent in income among women. Meanwhile, it led to a 23 percent decrease for men. The truth is that even though divorce can be a life-changing ordeal, it does not have to destroy one's finances or retirement goals.

When getting divorced, having an idea of how money enters and leaves one's bank account is critical. This includes the money that both spouses earn as well as both parties' expenses. Once this is established, going down the line to estimate how every expense will end up changing in the divorce is possible. For instance, housing and other items might end up being less costly. Meanwhile, car insurance costs might rise since insurance will no longer be purchased as a married couple.

Although the ins and outs of a divorce proceeding can be overwhelming and confusing, having an applied understanding of the law related to property division can be immensely helpful. An attorney can help with pursuing one's fair share of assets during the process of divorce mediation, for example. Alternatively, the attorney can offer assertive representation at a divorce trial, if necessary, in Arizona.

Source: newsok.com, "Don't Let Divorce Ruin Your Finances", June 22, 2017

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