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Building financial stability following divorce is possible

A marital breakup can easily take a toll on an individual's financial well-being in Montana. This is true no matter how small or great his or her net worth. However, a couple of tips may help with navigating the financial aspect of the aftermath of divorce in Montana.

First, those going through divorce may want to consider evaluating their career options. Depending on their ages or situations, they may not have been in the workforce for a long time, or perhaps they might be retiring soon. In these situations, investing in extra education and training to successfully re-enter the workforce, or postponing retirement, may be necessary to ensure financial stability long term.

Another potentially helpful move is to automate savings during the divorce process. A recent study revealed that almost 50 percent of couples who are divorced are not investing or saving anything. This is far higher than the 32 percent of married couples who are not saving and investing. However, having funds withdrawn from a paycheck and placed into an emergency fund or savings account automatically may provide an individual who is going through divorce with peace of mind and a greater ability to handle unexpected expenses.

The divorce process is never easy, but if a couple in Montana can work out their financial and other divorce-related issues outside of court, this can make the process a little less stressful and more amicable than going to trial. Unfortunately, going through traditional divorce litigation is unavoidable if a couple cannot find common ground at the negotiation table. Either way, a qualified attorney can provide the guidance needed to ensure that the client's best interests are protected each step of the way.

Source: wisebread.com, "How to Build Financial Stability After Divorce", Toni Husbands, Feb. 20, 2018

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