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Divorce can have major financial implications

Making major financial decisions requires careful planning and usually is best accomplished with professional advice. However, many people involved in Montana divorce proceedings try to make important financial decisions without a full understanding of the implications of their decisions. A few tips may help to navigate the financial aspects of the divorce process with confidence.

It makes good sense to consult a financial advisor before embarking on the divorce process. Women are more inclined to reach out to financial advisors than men are because women are often the ones who are more negatively impacted by divorce. However, getting in touch with a financial advisor is a smart move for both men and women. If a couple have a shared advisor, it may be beneficial for each of them to contact another advisor instead, as the shared advisor is no longer able to work in the individual interests of both parties.

Second, think about getting insurance for spousal or child support payments. If the ex-spouse who is making these payments dies, the payments stop. A life insurance policy can make up the difference to ensure any children are properly care. The person receiving payments is the one who should own the life insurance policy.

The process of a Montana divorce has far-reaching and broad consequences. The process can also feature many twists and turns that make an already-stressful process even more overwhelming. The right legal help can help an individual obtain his or her fair share of marital assets and make beneficial decisions for the short and long term.

Source: CNBC, "Headed for divorce court? Here are your top 5 financial musts", Andrew Osterland, Dec. 22, 2016

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