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Some basic guidelines for managing assets after a divorce

During many relationships that eventually end in divorce, the spouses divvy up household responsibilities according to personal interests and abilities. Usually, one person will oversee the family finances while the other spouse tends to other matters. A couple's particular system can work well for a time, but after a divorce, when marital property has to be divided, each individual may face a learning curve as he or she tries to account for the duties that used to belong to the former spouse.

Individuals in St. Charles and throughout Missouri may be facing a similar situation. If financial decisions were previously left up to a former spouse, divorced individuals often have to confront for the first time the problem of learning how to carefully manage assets. Missouri residents who are facing this issue will want to rely on a few basic guidelines to ensure a solid post-divorce budget.

First, it's important to keep a close eye on how much money is going out and how much money is coming in. Comparing the two monthly figures can give divorced individuals an understanding of exactly what can be afforded given their current income. Keeping track of monthly spending can also help in determining how much can be saved for emergency situations or other challenges that could arise.

Some individuals receive control of considerable wealth after a divorce, and in these cases, a person may not know exactly how to invest. Contacting a financial advisor is usually the best option for people who don't know what to do with the control they now have over assets. In general, you'll want to make sure you're saving enough to live comfortably should an unexpected situation occur.

Taxes on divided assets may be another new concern for many people going through a divorce. No one wants to receive a surprise message from the IRS, and no one wants to pay more than is necessary, so Missouri residents who aren't sure about how to account for their assets will want to consult with professionals who can offer valuable advice.

Lastly, divorced individuals shouldn't be afraid to ask questions regarding their finances after a divorce. You should demand to know exactly what is going on with your money. It is yours, and you deserve it.

Source: Huffington Post, "What Your Ex Didn't Tell You About Money That You Need to Know," Honoree Corder, March 21, 2012

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