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Poor financial planning can create economic strain for divorcees

There is no doubt that a divorce can throw many curveballs into the future planning of a Colorado resident whose marriage is coming apart around them. While they may prioritize getting to the end of the legal process over any additional considerations, they may also make unwise choices about what economic needs they will have once they are on their own.

For example, a party to a divorce may believe that it is in their best interest to keep their marital home once they are single. However, if that individual does not have sufficient income to pay the home's mortgage, or if that individual needs the profits from selling the home in order to have a stable financial future they may suffer because of their lack of consideration.

Additionally, parties to divorce can sometimes make emotional decisions that are intended to harm the other person in their ending relationship without considering how those choices will affect their own futures. It can be the case that a person's desire to inflict challenges on their soon-to-be ex-spouse will actually lengthen the divorce process and lead to additional legal and court costs that both parties will have to pay as their litigated divorce endures.

Ending a marriage can be the only thing a divorcing party wants as they work through the difficult steps of bringing a legal relationship to its end. But, the failure of a party to consider their financial future can prevent them from leading the life they desire once their divorce is complete. Attorneys who work with divorce clients are excellent resources for those who wish to make sound legal and financial choices as they pursue divorces from their spouses.

Source: Market Watch, "Don't let an ugly divorce ruin your finances," Laurence J. Kotlikoff, June 21, 2017

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Mary Kay Kramer, P.C.
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