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Anticipate and accommodate potential hurdles in divorce planning

Ending a marriage is always a challenging process, and some say the higher the value of the assets involved, the more complex the divorce. Along with the emotional and logistical difficulties, determining the best time to file for a divorce can be tough. Certain life events can have an adverse impact on your finances if they happen concurrently with a divorce. 

You might want to make sure you afford special consideration to the following and accommodate them in your plans when you file for a divorce:

  • Real estate market: Deciding on whether to sell or keep the family home is never easy. While you may want to keep it because of the emotional connection, selling it and sharing the proceeds might make more financial sense. However, this may depend entirely on the current housing market status. Professional legal and financial advisors may explain why -- in some cases -- it makes more sense for one spouse to keep the home and the other party to get assets of the same value.
  • State of the economy: Renting or buying a house, purchasing a vehicle, finding a job and more may be the fate of you or your soon-to-be ex. If the economy is shaky, it is harder to get credit and employment could be tougher to find. Filing for a divorce at a time when obtaining necessities is going to present difficulties for you financially may require the upmost due diligence in your preparations.
  • Your credit score: If your credit history is damaged, you might want to work on repairing your credit score before filing for divorce. This may play a role in applications for a job, rental apartment, credit card, car loan and more. Knowing this to be a problem may enable you to negotiate keeping the family home and a vehicle until your credit score has improved.
  • Minor children: After the finalization of your divorce, you and your ex will each have a household to maintain without the combined level of income. When custody issues and child support come into play, money will play a significant role and protecting the best interests of the children will pose a major challenge. However, if children are older and off to college soon, you can explore eligibility for student loans, grants and other means of financial aid.
  • Inheritances: If you have received an inheritance during your marriage and avoided commingling it with marital assets, it will not be included as part of the property division process. However, if you expect to receive an inheritance after the end of the marriage, and you are the parent paying child support, it might have an effect on the child support order.

Nobody wants to stay in an unhappy marriage, and being able to anticipate potential hurdles in a divorce may ease the process. Fortunately, you need not face this challenging time alone. With an experienced divorce attorney in your corner, along with the help of his or her other professional resources, such as financial, real estate and child advisors, you might achieve the best possible outcome for your personal and financial future.

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