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Avoiding financial mistakes in divorce

There is a lot to think about in a divorce. Connecticut residents who have gone through divorce will attest that it can be a balancing act to ensure all bases are covered, particularly when it comes to the financial aspects of a separation. However, with the help of qualified professionals, both individuals involved in a divorce should be able to come through it relatively efficiently as long as they keep on top of their personal responsibilities. 

It is easy to get caught up in the moment during a divorce, given how emotional and, sometimes, traumatic the experience can be. However, this is no reason not to continue to plan for the future, particularly as it pertains to a post-divorce budget that takes into consideration retirement and investment plans. Moving forward as a single individual may be best for both parties, but it certainly changes the financial playing field.

Many of the most important financial decisions to be made in a divorce come at the end of the negotiations, sometimes after a long struggle. It is easy for people to agree to a settlement without considering its financial implications in the interest of "being done," but this can have far-reaching consequences. It can be helpful to rely on professional support to ensure both parties are treated fairly and evenly in a settlement. 

Divorce is not an easy process for many Connecticut residents. However, with adequate planning and support, it can be easier than some might expect. Ensuring finances are well in hand can go a long way toward easing the road for both parties as they move toward their respective futures.

Source: The Huffington Post, "10 Financial Mistakes to Avoid in Divorce", Karen Covy, Feb. 8, 2016

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