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August 15, 2011
The Financial Challenges of Divorce

It's a challenging event that many people face at one time or another in their lives. Find out how you can best protect yourself and your assets during a divorce.

Transcript

Divorce isn't just difficult emotionally; it's also costly, especially in a tough economy. Here are some important financial issues to consider:

Even couples with few assets who part amicably need representation. At minimum, hire a divorce attorney to review your paperwork and make sure you haven't overlooked anything you'll later regret.

Each of you should hire your own attorney to avoid conflicts of interest. Consider consulting a financial planner about dividing your assets, adjusting your retirement plans, calculating child support and ensuring adequate insurance coverage. Close joint accounts and check your credit report periodically to keep tabs on outstanding shared debts, like a mortgage.

Bottom line: Don't let the turmoil of divorce undermine your financial future.

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