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How Does A Divorce Impact Your Finances

| July 02, 2017
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When you first got married to your current spouse, most likely you were filled with hope and excitement about the future. Now those feelings have changed as you face an impending divorce or separation.

Many things will change after a divorce; one of the most significant changes will be your finances. At Marriage Financial Solutions, our team of advisors can help guide you through these turbulent times.

According to Mint.com, here are a few sectors of your financial landscape that will be impacted:

  • The average cost of divorce is $20,000 – $100,000 depending upon where you live. For most couples, this amount of money can put a huge dent into their financial nest egg.
  • Taxes can be impacted in various ways – especially when you need to cash in your IRAs or other early withdraw penalty accounts
  • Make sure to learn about ALL of your financial accounts and debts – especially if your spouse is withholding information or engaging in suspicious behavior regarding finances
  • As much as possible, think with a clear head, not a broken heart
  • Spousal and child support payments can quickly drain your nest egg
  • After the divorce has been finalized, you and your ex-spouse may need to go back to court to fine tune your agreement – those legal fees can quickly zap your funds

At Marriage Financial Solutions, our CDFAs are ready to help you to wade thru the deep and murky waters of divorce and show you how your finances will be impacted.

Contact us today to see how we can help calm your storm!

Note: This information is general in nature and should not be construed as legal/financial/tax advice. You should work with your attorney, financial, or tax professional to determine what will work best for your situation.

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