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Consider your fresh start as your marriage ends

As you separate from your spouse and face that fact that your marriage will soon be over, you might have many regrets. Perhaps you wish you had never married your spouse. Or for as much as you love your children, you may regret having them with your soon-to-be ex.

Regardless of the mistakes in your past, try not to allow yourself to make decisions that could haunt you after the fact. Thankfully, thinking ahead about the mistakes you can avoid could enable you to reach settlement, support and custody agreements that will meet your needs for the foreseeable future.

Five financial mistakes you can avoid as you divorce

Whether due to a lack of information or desire to spite their spouse, there are some common mistakes people make as they dissolve their marriages. And although each relationship – and resultant divorce – is unique, other couples’ examples can help you transition to your single life.

In some cases, the more money you have, the more complicated matters can become. However, some of the things you may be wise to do before parting ways include:

  • Establish an individual financial plan
  • Minimize your unnecessary expenses
  • Limit fighting over your family home
  • Consider the potential tax implications of spousal support
  • Refrain from paying current bills by cashing in your investments

When emotions run high, and you focus on ending your marriage, you may find it challenging to make informed and logical decisions. However, you might agree taking the time to think about how you want to begin the next chapter of your life can be a powerful way to draw your marriage to a close.

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