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There are ways to safeguard financial stability after divorce

The decision to marry may be costly at times. Unfortunately, without careful planning, a divorce can create an even heavier financial burden. There are some steps that South Carolina residents can take that may ease the financial pressure.

Though the divorce rate is purportedly in decline, there are still countless couples who are in the midst of seeking a dissolution. While this is an emotionally and mentally taxing time, it can also wreak havoc on one's financial stability, though with some careful planning and patience, one may be able to emerge from the turmoil with a fresh financial start. One of the first tips that may prove to be beneficial is not making decisions concerning asset division in haste. If there is a home involved, many spouses choose to have one take the house while the other takes liquid assets. It may be a better option to consider joint ownership while waiting for the home to sell.

If possible, many divorcing spouses may choose to consult with an experienced financial advisor. These professionals may be able to offer sound advice concerning how to plan and save accordingly in order to meet one's future financial goals. Once the divorce has been granted, it may be useful to decide on a new investment plan in order to maximize one's current assets and work on building a secure financial future. Lastly, it may be helpful to build flexibility into one's plans for the next 12 months. Having wiggle room in one's plans may allow for adjustments as one determines what will be needed for the future.

As one continues through the process of obtaining a divorce, the habit of exercising patience with one's finances may allow for sound decisions that will pay dividends in the end. A dissolution can be a tumultuous period that takes time, resources and energy. South Carolina residents who are hopeful for a brighter future, once the final decree has been granted, may wish to enlist the guidance of a seasoned family law attorney in order to ensure one's goals are protected throughout the process. 

Source: Forbes, "How To Handle Financial Planning During A Divorce: 4 Steps To Protect Yourself", Joel Johnson, Dec. 8, 2018

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