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The financial challenges of divorce

Rhode Island residents, like most of America may at some point in their life have to deal with the challenges that go along with divorce. Despite the many family law issues that can arise as a result of divorce, experienced family law professionals are there to help make the journey smoother.

Along with death and moving, divorce can be right up there when it comes to stress levels. There are several family law issues that typically arise in a divorce. First, child support and spousal support will need to be sorted out. Next, the tax consequences resulting from a divorce can be significant and will have to be managed. Asset distribution, including the splitting of retirement account is another area that will need to be handled. Lastly, an area many individuals may forget about when divorcing are their insurance needs for long term care.

Divorce is a life changing decision. Along with separation from a spouse can come several financial challenges. It is important, however to understand what divorce will actually change and what it can actually accomplish. When contemplating divorce it is important to have realistic expectations. This small shift in thinking can dramatically affect one's satisfaction level when the divorce process is finally complete.

Divorce can provide an equitable division of assets. This doesn't always necessarily mean an equal division. An experienced legal professional, however, can negotiate particular assets on one's behalf before it goes to a judge. While divorce will provide a forum for child and spousal support, divorce cannot guarantee one will keep the standard of living that was enjoyed while married.

Rhode Island residents facing divorce should breathe easy. Experienced family law professionals are there to take the stress away and help make decisions to make one's transition into a new chapter of life peaceful and bright.

Source: Forbes Magazine, "5 Ways Divorce Takes Your Money", Mar 12, 2013

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