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Managing finances during the family law process

A divorce can be challenging in many ways: emotional turmoil, family division, and financial stress to name a few. For the latter issue, it is a good idea to take steps to plan ahead with a rational mindset. Albertans going through the family law process can save themselves from serious financial problems down the road by following some simple but effective tips.

Early on in the divorce, it is important to create a post-divorce budget. Many couples who have been living together for a long period of time do not know how much it will cost for them to live alone. Large expenses to consider may include a new vehicle, new home and insurance. Everyday items like groceries should also be factored in. Finally, consider what may be left for retirement savings or other financial goals.

The divorce itself should also have a line item in a budget, as legal costs and professional services can add up. It is important not to cut too many corners with these costs, as it could lead to an unfair settlement and less money overall. However, preparing for these costs and understanding what they realistically might be is a good idea when creating a budget.

Ultimately, a fair division of assets is usually the best way to secure oneself financially after a divorce. Getting one's fair share of items and finances following the family law process can make a big difference in the ability to start a new life. Working with an Alberta family lawyer to understand the specifics of the options available in a divorce is an important first step in this process.

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