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Financial issues can linger after divorce

For many Kansas divorcees, financial obstacles can be some of the most stressful challenges at the end of a marriage. Beyond the emotional and practical issues that accompany a marital split, the ongoing effects of financial decisions made during divorce can have long-term consequences. Even after a settlement has been reached, there are a number of financial tasks and concerns that must be addressed in order to successfully move forward.

In general, the divorce settlement will lay out a plan for the most critical financial actions that must be taken after divorce. However, effectuating the agreement will still require further work. For example, retirement funds can be a major asset handled in the divorce. It may be necessary to secure a Qualified Domestic Relations Order to properly divide the funds. In other cases, former spouses might need to work together with a real estate agent to sell the marital home and split the proceeds.

Other issues that are not mentioned in the settlement itself can be a major priority for each former spouse. For example, changing beneficiary information on life insurance, pension plans, investment accounts and other assets is a particularly important action to take to avoid unexpected results later. It’s also important to update wills, trusts and other estate planning documents to reflect the divorce.

Navigating the divorce process can be a lot easier with help from an attorney. Furthermore, a comprehensive financial review can help to put an ex-spouse in better shape to move forward with the next phase of their life.