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Divorce may lead to important financial decisions

07/06/11

While the economy struggles to recover and the housing market may take some time to reach the heights of the turn of the century's boom, divorces may become more financially difficult, according to The Record Searchlight.

Divorce is one of the leading causes of bankruptcy in the country, and economic troubles tend to be one of the leading causes of divorce. This Catch- 22 may lead to many individuals reviewing their finances for the first time, the news source reports.

In many relationships, one person handles most of the financial matters, including life insurance policies and retirement accounts. The individual that is completely unaware of what their financial portfolio looks like may find themselves in an undesirable position.

If the person who has less financial knowledge fails to consult a professional before the divorce has been finalized, they may not receive their fair share, according to the media outlet.

Many people do not consider the fact that they may want to disinherit their spouse following a divorce. Forgetting to do so may lead to a ex receiving an individual's financial life savings or life insurance benefits after they have split up, according to Forbes. In most states spouses cannot be completely disinherited until a divorce has been finalized. 

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