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Financial tips for those facing divorce

In some situations, ending a marriage is the best course of action. Going through a divorce is never easy and can be extremely costly, financially and emotionally. By following these helpful tips, the process of divorce can be less expensive and less strenuous for Arizona residents.

In recent years, retail therapy has become a common way to combat stress. For some people, buying new clothes, gadgets and even cars is the perfect way to alleviate worry and stress. However, unnecessary shopping should be avoided as it can be detrimental to the financial situation of those facing divorce. Although money can be tight when going through a split, cashing in investments to provide immediate funds should be avoided. Selling assets can derail future financial goals and is also considered a taxable event.

Speaking of taxes, new tax laws on spousal support have recently been enacted. These new laws have redacted previous tax breaks for those paying alimony. In an effort to avoid paying alimony, it is not uncommon for some people to quit their jobs. While this can seem like a good idea, it will only mean more time spent in court which equates to more fees and expenses in the long run.

For some, the post-separation freedom is cause for celebration and free-spending takes over as caution is thrown to the wind. However, one of the biggest mistakes made by those going through a divorce is lacking a financial plan. Without a plan, the financial effects of divorce can be far-reaching and borderline disastrous. Arizona residents who have questions about divorce could obtain much-needed guidance by seeking the services of an experienced attorney.

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Reppucci & Roeder Attorneys at Law | 3101 N. Central Avenue, Suite 1470, Phoenix, AZ 85012 Phone: (480) 900-5538 Map & Directions
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