Summary of Financial Considerations in Divorce

A key to success in life after divorce is proper financial planning before the settlement is final. Child support and alimony are the two single biggest factors in this process. Child support depends largely on each state’s statutory guidelines. Alimony can be handled as a series of ongoing payments, or as a single lump sum payment made as part of the divorce settlement. While child support and alimony are important, they are not the only issues involved, however. Health insurance, the disposition of the marital residence, and proper beneficiary designations, among others, are also items to consider in your planning.