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Prioritizing property division and other financial concerns

Making financial decisions during times of high emotion is seldom advisable. Unfortunately, that is what often happens in a divorce. People who are facing what may be the most stressful times of their lives are required to make decisions about property division, debt and finances that could affect them for years to come. Financial advisers encourage people facing divorce in Kentucky and beyond to try to stay focused to avoid making terrible mistakes.

A highly contested divorce may be very costly. Extra expenses may stem from tussles over small details, requiring additional meetings with lawyers and other members of one's divorce team. During property division, what seems like a vital battle in the moment may actually be inconsequential in the long run. By keeping one's issues prioritized, a person going through a divorce may avoid complications that ultimately lead to additional expenses.

Couples with joint accounts, such as credit cards or loans, may benefit from paying down these debts as quickly as possible before the divorce. Even if a divorce settlement requires one spouse to pay a particular debt, both spouses may be held legally responsible if the debt is not paid. Eliminating this possibility while still married may preserve one's credit rating in the long run.

One difficult adjustment may be the standard of living to which one is accustomed. After everything is divided, it may be necessary to reassess one's lifestyle to better accommodate a new budget. Running up credit card bills to maintain a standard of living from one's married life may be a financial mistake that takes years of recovery.

People in Kentucky find that working closely with lawyers often helps them stay focused during the stress and confusion of a divorce. Having an experienced family law attorney on one's side ensures that one's best interests are being protected throughout the process. Despite the emotional toll one endures during property division and other difficult aspects of divorce, being proactive may minimize the financial damage a divorce can do.

Source: nasdaq.com, "3 Ways to Avoid Money Mistakes During Divorce", Shawn Leamon, July 14, 2016

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