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3 financial considerations to make for divorce

It is a myth that half of all marriages end in divorce. In fact, millennials have caused the divorce rate to decline in Texas and around the country in recent years due to them marrying when they are older.

However, no matter how good a marriage seems, many couples still end up divorcing eventually. It is a big decision, one that you do not want to take lightly. Therefore, you need to make sure your financial accounts are in order before filing for divorce so you do not cause further stress. 

1. Look at your future retirement plan

It may still be several decades before you retire, but you need to plan for it now. You may have thought your spouse's retirement plan would cover expenses for the both of you, but now you have to reconsider. You need to file paperwork so that you can attain a portion of your spouse's pension during the divorce proceedings. Additionally, you need to look into other avenues in which you can save for your retirement independent from your spouse. 

2. Figure out your new source of insurance

Similarly, you may have gotten health insurance through your spouse's work plan. After a divorce, you will no longer be on that plan. You may need to get a different job that can provide you with health insurance, or you need to buy it privately. No matter what, you do not want to end up with a period without any health insurance. 

3. Determine how much the divorce itself costs

Divorcing is not free. You need to spend a good amount of money hiring a legal team and filing paperwork. Additionally, going to court may force you to take some time off work. Before you file for divorce, it would be a good idea to save up some money to put yourself on good financial footing before going full force ahead. 

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