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Children and finances need attention after divorce

In an ideal marriage, a couple works as a team to provide financial stability for the present and security for the future. If the couple has children, planning for the future certainly includes considering their needs. Unfortunately, nearly 50 percent of marriages end in divorce, according to some analyses, and the rate of divorce is higher with each subsequent marriage. After going through a divorce, Utah parents may have to re-evaluate many of the financial plans and goals they once made.

Divorced parents may be focused on re-establishing their own financial solvency and perhaps even rebuilding their retirement accounts or investments that may have been gutted through the divorce process. However, financial experts remind parents that their children should be their primary concern. Financial goals, including providing for their basic care and education, often take a back seat during a contentious divorce, and advisors recommend that parents do not allow this to happen.

The goals that once provided a framework for finances during a marriage will not always work once a parent is divorced. Budget counselors suggest that newly divorced parents revise their goals by evaluating the share of assets they took from the settlement. It may be necessary to focus on wiping out some debt left over from the marriage and reviewing the beneficiary designations of life insurance and other such policies.

Getting a fair settlement is one way to ensure that life after divorce will not be a struggle. Having experienced guidance through the process can improve the chances that every marital asset will be discovered and included in the settlement. A divorced parent can also rely on the assistance of a Utah attorney if circumstances require modification in any area of the divorce agreement.

Source: CBS Boston, "Financial Roles: What You Need To Know When You're Somebody's Ex-Spouse", Dee Lee, Aug. 15, 2017

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