Property division just the beginning in a divorce

Many individuals describe a break-up with a long-term partner as being similar to experiencing a death in the family. When facing such an emotional event, perhaps it is no surprise that many Joliet residents enter a divorce ill prepared. Yet, despite the emotional toll taken by a divorce, individuals should ensure the marital property division receives the attention and care it deserves.

To begin, individuals facing an imminent divorce should pay close attention to their finances, including bank accounts and other jointly owned assets. By doing so, spouses can gain an understanding of their assets and what the division of marital property might look like after a divorce.

Individuals can also began setting a budget and planning to live without their ex-spouses income. For some, this may mean reentering the workforce or taking on an additional job, due to the loss of income from the other spouse. In addition, individuals may need assistance in deciphering the tax implications post-divorce.

Aside from paying the bills, spouses also should review their beneficiary designations contained in their life insurance policies, retirement plans and other accounts. While many do not want their ex-spouse to receive any money under such policies, individuals may not realize they need to change the beneficiary designations to ensure this does not happen.

Ultimately, those facing divorce should get help by consulting with an attorney and other experts. With the financial and lifestyle changes in store after a divorce, individuals should understand how to support themselves on their own and what they should be prepared to face.

Source: USA Today, “Before divorce, you should get financially prepared,” Hadley Malcolm, Sept. 9, 2012

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Property division just the beginning in a divorce