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How can you avoid financial regrets due to divorce?

On Behalf of | Sep 20, 2021 | Divorce

When it comes to matters like divorce, regrets serve as an almost inevitable side-effect that can manifest in many different ways. You might regret things you did or did not do during the course of your relationship, or mistakes you could have avoided.

You may also hold regrets about financial matters. Fortunately, there are ways to address these particular regrets, and it can even set you up for faster recovery in the aftermath of a split.

What are the biggest regrets?

According to Reuters, financial divorce regrets rank among the top regrets that divorcees hold. A study run by Fidelity Investments reveals that around 80 percent of participants who claimed they had no involvement in household financial matters also stated that they regretted this decision.

Many of these same individuals also had no idea what was going on with retirement investments or long-term plans, which often sent people into a panic when realizing that they had no idea how they would stabilize and protect their futures if they lost these things.

Beginning recovery early

You can actually begin the process of recovering from financial regrets before the divorce even begins. Start by getting involved in household finances if you are not yet. This lets you monitor the inbound and outbound flow of money and gives you access to important things like financial records.

It also allows you to see where your retirement plans lie so you can make potential changes and adjustments depending on what divorce has in store for your assets. Speaking of, you can rely on a prenuptial or postnuptial agreement to sort out your assets in the fairest way possible, too. This can save you time and money compared to litigation, which will in turn help you avoid more financial regrets and unnecessary costs.

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