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Salt Lake City – Ogden – Lehi
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Salt Lake City – Ogden – Lehi

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Planning for future finances during divorce

Ending a marriage takes a lot of work. Not only do individuals need to determine how the divorce will affect their immediate lives, but they also need to determine how the major change will impact their futures, especially when it comes to their finances. As a result, close planning is often useful for Utah residents facing this change.

In particular, individuals who are close to retirement when they divorce or those who stayed at home with the kids for most of the marriage may have the most concerns related to their financial affairs. After all, divorce means dividing assets, and those assets include retirement accounts in most cases. However, the manner in which those assets are divided could go a long way in providing for future financial stability. Parties may want to make sure their asset division goes as fairly as possible.

Additionally, it can be wise to budget during the divorce and after. Managing money during the process can help prevent overspending and ensure that funds are on hand specifically for divorce-related expenses. Having a budget relating to after the marriage comes to an end can also serve similar purposes as well as help parties understand what settlement terms they may need to work toward.

Even if Utah residents never had a major hand in their finances during the marriage, now is the time to become more financially literate and to understand how this major life change will affect this area of their lives. Because the outcomes of property division and other aspects of divorce can play a role in the financial repercussions, it is wise for parties to look into their options for negotiating a fair outcome. Working with their legal counsel during this time is prudent.

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