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Financial issues to consider in a divorce

A large number of people in New Hampshire make a plan for the future that often includes saving money to live on during retirement. Unfortunately, many people do not plan for a divorce. As a result, approximately 64 percent of survey respondents indicated that the end of their marriage caused a financial crisis. Because many people who choose such a course do so because it is in the best interest of their overall well-being, the financial risk is likely worth it. Fortunately, there are several steps to help prevent the crisis these respondents described.

First, some family law professionals describe the importance of creating a team to provide advice during the process. One of the most important members of this team is an experienced attorney who can explain a person's responsibilities and legal rights. Such a professional can help create a plan regarding child and spousal support, among other issues.

Additionally, it is important to gather documents relating to the couple's assets and debts. Having accurate documentation of stock options, bank accounts and retirement funds is necessary to divide such assets accurately. Beginning the process of gathering such documents as soon as divorce becomes a possibility may be beneficial.

While litigation is often necessary in some cases of divorce, couples who are able to come to a separation agreement on their own are often able to save money and shorten the process. Having an attorney review any documents related to a divorce agreement can help prevent costly mistakes that may be difficult to overturn in the future. The decision to end a marriage is often a difficult one for people in New Hampshire to make; however, it is often the only way for a person to live a more fulfilling life.

Source: foxbusiness.com, "Biggest mistakes older women make in divorce", Casey Dowd, June 4, 2017

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