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Financially planning for divorce can pay dividends

It is no secret that a separation can end up costing a lot in asset division. Divorce, as many Connecticut residents are aware, can become its most contentious where finance is concerned. That's why it can be such a benefit for those considering a divorce to take steps to ensure they are both ready for the new responsibilities awaiting them as single individuals.

Developing a clear picture of individual finances is a good place to start. Collecting tax information, credit card bills and anything else that can illustrate each individuals' financial situation can help both prepare for how the separation will affect their personal finances. If possible, it may be a good idea to start opening accounts as individuals to eventually phase out and replace joint accounts.

From here it is possible to create a new financial plan for each individual, one which takes into account divided assets as well as divided responsibilities, like child care. Developing such a plan ahead of a divorce can help alleviate a major stress point. It can also prepare the individual for what new responsibilities they will each have in their single-income households, often for the first time in years.

No one enters a marriage planning to get divorced, but once the writing is on the wall, it's a good idea to start thinking about the future. Connecticut residents facing divorce can benefit from solid financial planning that leaves nothing to chance. Moving forward into a new life as a single individual is made easier when no one is being bogged down by divorce-related struggles.

Source: CNN, "Don't let divorce wreck your finances", Karen Cheney, April 4, 2014

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