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Taking control of finances now to prevent regrets after divorce

| Jan 17, 2020 | Divorce |

Individuals in Tennessee can avoid some money regrets after divorce by taking control of their finances and other aspects of their life now. A study released by Fidelity Investments showed that many individuals who get divorced do not recover, either financially or psychologically, for at least five years after their divorce.

A lot can be learned from the cautionary tales of individuals who have already gone through a divorce. The same study revealed that about 80% of respondents regretted the fact that they did not get involved in daily finances while they were married. That group took longer than the other 20% to recover from the financial stress of their divorce. One way to remedy the problem is to get involved with daily finances. This means regularly looking at bank accounts and keeping tabs of how money is being spent.

The study revealed that another major woe was not being involved in retirement and long-term planning. While a large number of women were involved in daily finances, just 60% were involved in long-term planning. This problem can be avoided by regularly taking stock of investments and retirement accounts, setting new goals and reaching out for them.

It is common for people to uncover debt or assets during a divorce that they did not know about during the marriage. Transparency and honest communication between a married couple are important. They may prevent some problems that can lead to divorce and help avoid money regrets later on.

Some couples have benefited from signing prenuptial or postnuptial agreements. An attorney may be able to help a client draw up this type of document. The attorney may also be able to answer questions about asset and debt division, alimony, child custody and other issues that often arise when a couple gets a divorce.