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3 smart financial moves for divorcing dads

Divorce can come with a steep cost, especially if it is long and contentious. Even if it is not, there is no getting around certain fees. However, there are some things you can do during and after your divorce to try to lessen the financial impact.

The some of the more common ways are to try to reach a divorce settlement out of court through mediation or negotiation and to follow a budget to make your income go further until circumstance are stable once again. There are also the following three measures:

1. Uncover all assets

For a fair division of property between you and your ex-wife, all assets need to be on the table. This not only means finding out if your wife is hiding money from you but also not hiding anything of your own. You can bet that the same methods you are using to check if your ex is hiding assets are the ones she is using to see if you are doing the same. If you are, you may receive legal penalties, such as losing those assets, and hurt your credibility in all areas of your case.

2. Review impact on taxes

Divorces have tax impacts. For example, property division may lead to having to pay taxes on certain assets, such as retirement accounts and capital gains. Also, divorce affects how you file and what you can claim. For example, you generally can only claim your children as dependents if you have primary custody. You cannot claim child support payments as deductions. Deductions can sometimes be claimed for alimony, however, that will no longer apply in 2019 due to the tax reform bill Congress recently passed.

3. Update your estate plans

In all the chaos of divorce, you may not have thought about other areas of life divorce can affect. Estate planning is one of them. Updating these legal documents can be an important part of ensuring your ex does not inherit your property or have the power to make financial decisions on your behalf.

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