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How might a divorce impact your finances?

On Behalf of | May 18, 2023 | Family Law |

People in Indiana who are facing the prospect of a divorce usually have a wide range of concerns. But, for many people, the impact of a divorce on finances takes precedence. So, how might a divorce impact your financial situation?

Well, a recent news article pointed to a few areas of concern that you might be thinking about. For starters, if your divorce is going to be “contested” – meaning that you and your soon-to-be ex-spouse disagree on some of the issues that need to be addressed – that could mean that your costs will be higher. That is why it is oftentimes advisable for divorcing couples to come to an agreement on divorce issues as much as possible, even when there is acrimony between the spouses. Agreements can save time and money.

Then, of course, there is the impact on the accumulation of the divorcing couple’s assets. Those assets will need to be divided, right? Which means that, post-divorce, you will likely have quite a bit less in terms of financial assets to rely upon.

Your divorce, your finances

Of course, these are just a couple of examples of the possible financial impact of a divorce for couples in Indiana. As the recent news article pointed out, there are other areas to think about as well: tax implications; retirement plans; debt; and even the change in lifestyle you will experience in post-divorce life. As you consider your plan going into a divorce, be sure to think about how the divorce will impact your own specific financial situation.