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Avoid making these financial mistakes during divorce

On Behalf of | Mar 24, 2024 | Divorce

Ending a long-term marriage can be one of the most difficult events for any Colorado resident to experience. During the divorce process, separating spouses typically must make tough decisions that will impact their lives for years, especially financially. Here are some financial mistakes to avoid amid divorce. 

Forgetting to update beneficiaries  

Those who go through divorce often forget to update their beneficiaries on important financial accounts. Once the divorce is final, take time to review insurance policies, retirement accounts and annuities. Confirm that these accounts and policies have the appropriate beneficiary designations on them. This will ensure that savings, assets and benefits go to the intended people. 

Keeping the marital home 

It is only natural to want to keep the home in a divorce. The marital home not only holds monetary value but likely holds sentimental value as well. However, it is important to examine the situation and determine if keeping the home is a wise financial decision. Divorce often means two incomes are reduced to one. Consequently, the mortgage may not be affordable, or the taxes and upkeep on the home may not be feasible with a single income. 

Obtaining legal help for divorce 

Divorce is a life-changing and emotional event. Trying to make life-altering decisions under the weight of stress and difficult emotions can be challenging at best. Any person in Colorado who is facing divorce or currently going through it could get help by sitting down with a knowledgeable legal professional. An experienced family law attorney can help create a plan that will safeguard the client’s personal interests and financial well-being throughout divorce proceedings.