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Missouri couples can prepare for financial costs of divorce

Whether or not a divorce is expected, amicable or highly contentious, the finances of both parties will be affected. Missouri couples can work to minimize the unpredictability of their financial future by preparing and understanding how a divorce will affect short-term and long-term finances. While each couple may be different on the socio-economic scale, certain financial ramifications of divorce are universal.

The fate of the couple's home or family home must be decided and will affect finances just as much as it affects where a person lives. Some may find there is an emotional connection to the family home, especially when there are children in the picture. However, the home may be too expensive for a parent to keep on his or her own. This may mean, despite emotions, a smaller home or renting a place is the best option when the financial reality is outlined.

When a couple splits, benefits become a part of the financial changes, namely health insurance benefits. While COBRA can be a means of maintaining health insurance, it is not a permanent solution. A new policy and the costs of that policy can impact finances, and it may be necessary to return to the workforce to ensure the best coverage.

Dollars and cents are an important part of a divorce in Missouri. The lifestyle each party may have enjoyed together can be completely altered both as the divorce moves forward and forever afterwards. With all the decisions and changes that occur as a divorce moves forward, having a handle on the financial changes and the future outlook can help minimize the shock of the financial reality and can help each party put a plan in motion to ensure stability through and after a divorce.

Source: entrepreneur.com, "5 Essential Tips for Financial Planning After Divorce", Andrea Murad, July 10, 2015

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