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Making good financial choices after divorce

On Behalf of | Nov 7, 2018 | Divorce

When people decide to divorce in Alabama, they may be concerned about how the end of the marriage will affect their financial future. It is true that even long after the emotional and practical aspects of the marriage have been resolved for some time, the financial consequences of divorce can linger. As a result, people may postpone ending their marriages even after they have been unhappy for some time. By keeping some tips in mind, people can help to preserve their financial stability after the divorce is finalized.

People who get divorced may be tempted to spend in excess of their means. They’re likely to need a new place to live, and they may be looking for new cars, new clothes or even a vacation. They may want to show the changes they have made and enjoy the single life. However, it can be difficult to adjust to having a single income. People may no longer be able to comfortably afford the same things that they could before the separation. By waiting to make major purchases until some time has passed, people can adjust to their new budget and make wiser choices.

In addition, it’s important for people to preserve their investment accounts. It can be difficult to meet regular expenses in the first period after a divorce, but cashing in investments can be a poor idea. There could be significant tax consequences for selling off investments, and people could find themselves delayed in their financial goals. When possible, it may be better to cut expenses and make frugal choices.

People who are considering divorce likely have a number of concerns about their financial future. A family law attorney may be able to help a divorcing spouse achieve a fair settlement on a number of matters, including property division and spousal support.

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