For many people in New Hampshire, one of the many factors that might prevent them from seeking to end their marriage is the state of their finances. However, by making smart decisions, often with the guidance of an experienced attorney, those seeking a divorce can help ensure that they make wise decisions that will protect them. By doing so, they may be able to ensure future financial stability.
One of the most difficult decisions that some people face during their divorce is what to do with their house. For many, it may be tempting to keep a house because of the sentiments attached to it and to prevent further upheaval in their lives. However, many people are unable to afford the upkeep of their house once they are only living on one income. Some people may choose to keep the house in exchange for a comparably valued liquid asset, such as a retirement account, but due to the costs of maintaining the house, it may be a better idea to re-examine that issue.
For people who are reliant upon child support and alimony, they may need to consider how and if they will be able to support themselves if their former spouse passes away. If there is the possibility they may not be able to, purchasing a life insurance policy on the person can help in the event of his or her death. Such action can protect an individual and his or her dependents from loss of income.
There are many considerations when it comes to the end of a marriage. If there are children involved, special consideration to agreements regarding the division of assets and child support payments may be especially important. Fortunately, there are professional in New Hampshire who fully understand the decisions that must be made and their potential implications and can help individuals through the divorce process.
Source: CNBC, "When it comes to divorce, not all assets are equal", Sarah O'Brien, Sept. 22, 2017