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How can your finances be impacted by a divorce?

As a woman, a divorce can sometimes be a little bit overwhelming. If you've been a stay-at-home mom, you might be worried about what will happen when you go through the divorce. Will you get the family home, have alimony or receive child support? Will you have primary custody of your children?

There are many questions you may have, but here are a few helpful tips that can aid you with the financial issues you might come across. For example, did you know it's important to create or keep your accounts separate the moment you decide to divorce? It's important to separate your accounts immediately to know exactly what you have and what your spouse has.

Divorces cost an average of $20,000 including taxes and legal fees. That is a large chunk of change, so it's wise to look into how it's going to be paid for. Will you split the costs with your spouse? Will he pay for the legal fees? These are things to find out early on.

Next, understand that if you separate and have kids in your custody, you can ask for spousal support and child support before your divorce is finalized. Your attorney has the correct papers to file to ask for this concession earlier than the final divorce date.

Another thing to do is to keep all your financial records ready for your attorney. You may even want to collect them before you decide to get a divorce, since it can help you make sure no financial documents go missing. Your attorney will need these documents to help with your negotiations.

Source: Market Watch, "Financial tips for women getting a divorce," Alessandra Malito, accessed Jan. 05, 2017

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