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Making financial preparations essential during divorce

A marital split-up is a life-changing event. After all, two spouses are essentially agreeing to no longer live jointly, which means they must separate everything they own together. Divorce can be hard at any age, but it can be particularly challenging for those in Montana who are older or are nearing retirement, as they do not have as much time to bounce back from the financial losses they incur as a result of getting divorced.

When going through the divorce process, figuring out all income that will be available after the divorce compared with before the divorce is essential. Then, determining how much in expenses this income will have to cover is important. If statistics prove to be true, a gap will likely be found.

In this situation, downsizing just might be necessary to make ends meet. This may understandably be hard for those who are emotionally attached to their homes. However, it is one of the easiest ways to cut living costs down. In addition, earning more money on the side by renting out a room may be helpful for staying afloat following divorce.

Even in the most amicable of divorces, figuring out how to split financial assets can be tricky. Unfortunately, a drug-out battle over property division can be emotionally and financially costly in the long run. An attorney in Montana can help with the process of mediating a divorce or with going through a collaborative divorce, for instance, versus going through the potentially more expensive and stressful traditional divorce litigation process.

Source: newsok.com, "Don't Let Divorce Ruin Your Finances", June 22, 2017

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