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After property division, spouses must adjust financial focus

An Arizona divorce will prompt a great many changes, some of them positive and others less so. One of the most obvious changes that will follow any divorce involves finances. In some cases, spouses emerge from the end of their marriage in great financial shape. For many spouses, however, divorce and property division lead to a need to make some adjustments to their financial habits.

In order to make wise financial decisions in the wake of divorce, it is first necessary to gain an understanding of the full range of one's new situation. This begins by determining where all currently held assets lie, and how much wealth is held within each asset type. This is also the time to examine one's savings goals, and determine if a new savings path might be a better fit. For example, if a couple was previously dedicating a large portion of monthly income to paying down the student loan debt of one spouse, the post-divorce plan might be for the spouse who does not have student loans to allocate a similar percentage of income to retirement savings or investments.

Debt is an important issue for newly divorced individuals, and should be tackled in an aggressive manner as soon as possible. Paying down high interest debt will bring about a sure return, and one that often exceeds the interest that might be earned if those funds were placed in various types of investments. Moving beyond high levels of debt is a great place for anyone to start, especially after the end of a marriage and at the start of a whole new life.

Arizona spouses should view the results of the property division process as the beginning of a new outlook on financial matters. This is a time to challenge oneself to learn more about how to make the most of what they have, and to make savvy investment choices that will support future goals. Divorce is the end of a significant phase of an individual's life, but it is also a new beginning, and it is important to build a strong financial foundation for the years to come.

Source: The Huffington Post, "Newly Divorced? Focusing On Finances Can Help You Move On", Bob Stammers, Jan. 29, 2016

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