The high cost of divorce - WMC Action News 5 - Memphis, Tennessee

The high cost of divorce

(Source: WMC Action News 5) (Source: WMC Action News 5)
(WMC) -

Each year thousands of couples choose to divorce. While no one plans for it, there are some things you should know before you go through it.

One of the biggest things to keep in mind is that divorce will affect you financially, no matter what “settlement” you reach with your spouse.  Author Stan Corey recently spoke to Black Enterprise about his new book, "The Divorce Dance:  Protect your money, Manage your Emotions, and Understand the Legal Issue". 

Corey told the site there are three things to consider.  

  1. Will the financial settlement give you a secure future? Evaluate your long-term needs before you agree to any deal. Your marriage may not have lasted forever, but your divorce property settlement will.
  2. Don’t forget the tax implications.  If you get the house, remember you will be paying taxes on the house and he or she won’t.
  3. Don’t downplay how emotional it will be.  A lot of people get so emotional they can’t make good decisions about the property split.  Reach out to a financial planner or someone else you trust before finalizing your settlement.

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