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Divorce is the largest single financial transaction of most people’s lives, raising important questions that demand immediate answers.Here are some helpful tips on every aspect of divorce, including: before the divorce, gathering records, alimony, tax returns, navigating the divorce, accumulating cash, hiring an attorney, child support, property division, and life changes after divorce.
Many factors combine to lower women’s standard of living after divorce. Expenses will begin to mushroom as soon as the divorce process starts.
Finally, don’t just pack your bags, load up the kids, and drive away in a car that needs four new tires. The three most important words during divorce are: document, document, document.
Before you separate, buy the clothes you’ll need, perform maintenance on the car, and fix the kids’ teeth. Try to obtain copies of all financial records before your divorce begins.
Remember: there’s nothing like new knowledge and a fulfilling career to bolster your self-esteem. Engage a forensic accountant if you think there might be hidden assets. Hire a divorce financial professional to help determine the best settlement options for you.
Don’t skimp now on matters that will affect the rest of your life.
Inventory safe deposit boxes; track down bank and brokerage accounts; review pay stubs, retirement plans, and insurance policies. Don’t ignore the hidden tax costs of divorce in making these decisions.