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What are some financial concerns I should have about divorce?

Many Baton Rouge couples do not realize how much of a role their finances play before, during and after their divorces. There are so many things happening at the same time in your mind and daily life that you might find it hard to keep track of all your financial matters when negotiating the divorce settlement. 

The financial concerns and issues you had during marriage do not simply disappear in a divorce. Before you get too far into the separation process, take some time to review this information. 

How is your credit? 

It is not unusual for some people to leave a relationship with better or poorer credit than they had before it. If your credit is not the best, see a financial advisor to learn how to improve it. Cancel joint accounts you have with your soon-to-be ex-spouse. If you do not, your credit will be at the mercy of their financial habits. 

Do you need a qualified domestic relations order? 

According to Newsmax, marital property includes retirement and pension plans. It is not easy to split retirement plans in a divorce. Work with an attorney or financial advisor to structure your divorce negotiations to minimize your costs and file for a Qualified Domestic Relations Order (QDRO) to mitigate the tax consequences. 

Have you checked the beneficiaries on your accounts? 

At some point during your marriage, you may have named your spouse as the beneficiary for your accounts, life insurance policies, annuities and investment accounts. Be sure to check the beneficiaries on all accounts. Remove your spouse as soon as the right opportunity presents itself. Be sure to check when it is the best time for you to do so during the divorce to avoid penalties in your divorce.

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