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Divorce: Division of marital assets not the only matter to tackle

Starting over and severing old ties in a divorce is typically an emotional experience for couples nationwide. It is no different in Alaska, and realizing that marriage revolves around love, and divorce is all about money and future financial stability, will present many with potential stumbling blocks. In addition to the division of marital assets, there are some fundamental matters to consider before filing for divorce rather than dealing with the consequences afterward.

You should review past bank and credit card statements to get a clear idea of how much of that spending you will be doing post-divorce. Remember to add child-related expenses, if applicable, along with potential costs of a car, insurance and any extra-curricular activities the child may engage in later on. If you are going to be responsible for alimony and/or child support, include that in your budget. Keep in mind that alimony is taxable to the person receiving it and tax-deductible to the one paying it. However, alimony is not typically a permanent payment, and you must not rely on it.

If you will have to re-enter the employment market, training may be required. Consider the cost of the training along with related expenses such as books, tuition, lab fees, and required equipment such as a computer and printer. For one parent to keep up the family home is never easy, and downsizing may be wise. The financial benefit may be more than expected and can be useful to fill other gaps. After the divorce, you may have to get your own health insurance, so keep that in mind while planning your future.

Fortunately, there is help available. By retaining the services of an experienced Alaska divorce attorney, other resources such as financial advisers may also become available. By being pro-active and addressing your future financial stability along with the division of marital assets, life after divorce may not be as bad as anticipated.

Source: entrepreneur.com, "5 Essential Tips for Financial Planning After Divorce", Andrea Murad, July 10, 2015

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