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Keep long-term plans in mind when going through divorce

Divorce is a very difficult time in anyone's life. Regardless of who initiated the proceeding, it is easy to get caught up in a battle of who gets more money in the settlement, especially if there is some animosity tied to the split. Whatever fuels this fight for cash, it is wise to keep the big picture in mind when going through a divorce.

Although it is necessary to have access to assets immediately following the split it is also wise to plan for the future. Make sure that the divorce settlement also addresses retirement assets. In addition to paying bills in the present, you also need to have retirement funds to plan for the future.

It can be easy to let emotions fuel this portion of the divorce proceeding, particularly when it comes to the family home. If children are present, a parent may want to provide their kids with as much stability as possible. Instead of focusing on what makes the most financial sense, a parent may fight to keep the family home even if paying for maintenance, upkeep, mortgage and insurance is unrealistic on a single income.

Navigating through this process can be emotionally draining and difficult. Financial considerations are just one issue that can arise - child custody, child support also need to be addressed.

Since both your present and future are impacted by the divorce proceeding, it is wise to seek the counsel of an experienced divorce attorney. Your attorney will help guide you through the process with your best interests in mind, working to better ensure a more favorable outcome.

Source: The Wall Street Journal, "Divorce isn't just about the money grab," Larry Stein, July 28, 2014

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