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Financial planning during divorce

Couples in the state of Arizona going through a separation can experience a roller coaster of stress and emotions. On top of this, both parties may feel added stress when thinking about finances during and after a divorce. Fortunately, there are certain steps couples can take to better prepare and protect themselves financially when they decide to end their marriage.

A key first step when planning finances during divorce is to gather all financial information. This will help both parties determine assets and liabilities. A vital part of the planning process also involves creating a post-divorce budget so that debts continue to be paid. If children are involved, things like college expenses will also need to be factored into the budget.

During and after a separation, both parties would be wise to plan for retirement and invest. Knowing what is needed for the future may change investments today. Working with a financial adviser is recommended and would help determine risk and income needed based on current goals and needs. Documents such as IRAs, annuities and life insurance policies also need to be updated at this time. If an ex-spouse is left as a beneficiary on these assets then he or she may end up receiving the payment, and that is probably undesired. 

These are just a few helpful tips that may assist those in Arizona currently going through or contemplating divorce. This can definitely be an emotional and stressful time for all parties involved. Many questions may arise. Fortunately, there is help available. Those going through a divorce would be wise to seek the services of an experienced family law attorney to help guide them through these challenging and uncertain times.

Source: CNBC, "Financial planning for divorce -- it's not just for women", Beth Lynch, Oct. 2, 2017

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