Divorce can be one of the most financially devastating events in life. The costs that accompany divorce include legal bills and the cost of an additional residence, and with around 45% of marriages ending in divorce, millions of Americans face the financial strains of divorce every year.
When a second marriage ends in divorce, money management strains can be even greater, because couples may have children together as well as children from previous unions, prenuptial agreements are more likely to be involved, and people in second marriages are often older, with more deeply ingrained financial tendencies.
Good money management after divorce should begin before papers are filed to minimize potential financial problems. If you are divorced or in the process of divorcing, smart money management requires considering your income, regular bills, short term goals, health and life insurance, retirement planning, and emergency funds.
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Hiers, Mary. Money Management for the Newly Divorced. Mint.com. Retrieved on February 21, 2014, from https://www.mint.com/money-management-2/money-management-for-the-newly-divorced/.
Article Writen by: Divorce Without War February 21st, 2014