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Managing finances during and after a divorce

When a marriage ends, it's hard enough to manage thoughts and emotions, let alone finances. Keeping track of money and financial obligations is never easy, but the process of divorce can make managing finances even more stressful and complex. Luckily, financial help is available for Arizona residents going through a divorce.

One of the most important things to do when navigating a divorce is to close all joint credit accounts and update all records. Doing this will prevent damage to credit scores, which could hinder financial recovery post-divorce. To keep track of money coming in and flowing out, it is very helpful to create a budget. Transitioning from two incomes to one could wreak havoc on financial obligations, so keeping track of things could ease this transition.

While budgeting and taking inventory on accounts and finances, it is also important to change beneficiaries and update marital status on things like life insurance policies and any retirement accounts. Updating wills and medical powers of attorney are also highly recommended. Parents should make sure that any changes made to these accounts do not negatively affect the coverage of children.

It is common for tempers to run high when a marriage comes to an end, but always take both parties into consideration when making financial decisions. In the long run, both parties will benefit by staying grounded and making informed decisions. Arizona residents who have questions about divorce or the financial ramifications of divorce could benefit from discussions with a legal representative. A knowledgeable lawyer could help individuals navigate through this stressful experience.

Source: credit.com, "20 Tips for Maintaining Financial Sanity During a Divorce", Josh Smith, May 16, 2018

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