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Can you be financially secure after a high asset divorce?

Maryland residents may already know that one half of all first marriages end in divorce, and approximately 65% of second marriages end in divorce. In addition to these statistics, divorces are becoming more and more or an issue for individuals who are nearing retirement age. Women are statistically at a financial disadvantage when a high asset divorce occurs, although this is changing as more and more women surpass men in earnings.

Everyone can benefit from some important tips to secure their financial well-being following a divorce. First, it is important to get through the emotional rollercoaster before attempting to make important financial decisions. Secondly, professionals in the areas of taxation and financial planning may be very beneficial in sorting out the best strategy for the future. It is also important for anyone that is facing the possibility of a divorce to calculate their net worth accurately, prior to negotiating a settlement regarding asset division.

Finally, it is important to update insurance policies, credit cards, retirement and estate, wills, trust plans and any other legal documents that may be in both names. This is important in order to protect one's credit rating. A thorough review of all insurance policies may reap substantial savings in the long run.

Most individuals should try to make every effort to stick to a carefully planned budget during and following a divorce so they do not get themselves in financial trouble. Exploring an additional source of income may be a good idea as well. Divorce is always difficult, but with the right financial planning, it is possible to ensure that one does not suffer financially as well.

Source: Yahoo! Finance, "Ask An Advisor: How to Recover Financially From a Divorce," Joceyln Black Hodes, May 8, 2013.

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