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Are you financially prepared for divorce?

No one expects their marriage to end -- often, it just happens. Before it does, one needs to ask if he or she is financially ready for divorce. Alabama residents who have failed to plan ahead or who have not taken an interest in marital finances may find that they are not prepared for what may come.

A recently published article talked specifically about how women need to save more than men in order to protect themselves in the event of spousal death or divorce. How much more do they need to save? At least 20 percent. Why?

Women tend to live longer, therefore they need more money in savings to make it through their retirement years. If they fail to save themselves or fail to take an interest in their marital finances, they could end up walking away from their marriages with less than they could or should. Of course, this really can apply to men as well. It is good for both spouses to know what marital assets there are and where those assets are kept.

At the end of the day, male or female, when going through a divorce, one's finances are going to take a hit. How big of a hit depends on how prepared one is going into divorce proceedings. Alabama is an equitable distribution state, meaning each spouse should walk away with a fair share of assets. One may not be able to do that if he or she does not stay on top of marital finances. With the assistance of legal counsel, all assets can be located so that a fair division of assets can be ordered.

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Law Office of Sebrina L. Martin, PLLC | 6728 Taylor Court |Montgomery, AL 36117 | Phone: 334-513-7898 | Map & Directions