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The importance of financial planning during divorce

When it comes to divorce, money is a huge factor whether you have it or you don't. Dividing up assets and debts, however, is not always as simple as drawing a line down the middle and calling it even. You will have to think about taxes, retirement accounts, and updating your will and beneficiaries to reflect your new financial situation as well as your new life. But where do you start?

The best place to start is to learn about financial planning. Of course, it is important to work closely with your attorney as you decide how to approach the property division aspect of your divorce, but understanding personal finance is a good way to ensure that you are protected in the long run. Plus, it will help you ask informed questions during the divorce process.

Next, you need to consider the tax implications of your divorce. How will no longer filing as married change your finances? Taxes can also play a role in your property division. Assets are not all taxed the same. Knowing how each aspect of your marital property could be affected by taxes is imperative. Doing so will ensure that you are fighting for the right things.

Finally, you will need to update your will and beneficiaries. Your heirs need to know what your assets look like post-divorce, and your beneficiaries should reflect your divorce as well.

Divorce involves a complete unraveling of all of a couple's marital assets. While choosing who gets the furniture and the silver may be relatively easy, splitting up accounts is not. However, by taking the time to learn about the financial aspects of divorce, you can set yourself up for success.

Source: The Huffington Post, "Financial Tips That Ease the Sting of Divorce," Julian Block, Dec. 25, 2013

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