The worst financial errors to make after a divorce

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Getting divorced in the state of Colorado doesn’t need to be a backward step. You have the right to move on with your life with the assets you have collected over the years. The key to keeping them will be to avoid making several cardinal errors.

Trying to hang on to your marital home

One of the worst mistakes that you need to avoid making during a divorce is to try to hang on to your old marital home. Many people may try to do so, partly out of attachment to the home or even to spite their former spouse. But what if the home isn’t financially worth it?

Are you sure that you can continue to afford the mortgage on your own? What about the price of basic upkeep? You will also be on the hook to pay the taxes. If you don’t think you can handle all of this on a single income, it may be best to let go of the home. You can sell it and have one less item to argue about.

Forgetting to update your beneficiary designation

Another mistake that all too many people make is forgetting to update the list of people you want to name as your beneficiaries. This needs to be done for such documents as life insurance policies, annuities and retirement accounts. This way, if you remarry, your current spouse will be the beneficiary, not your ex.

Not making sure your children are provided for

One of the most important parts of parenting after a divorce will be making sure that your kids are fully provided for. This is a duty that extends even up to the point that they enter the education system.

It will be up to you to make sure that your children are provided with enough financial backing to enable them to attend college. Since the cost of this education is growing ever higher, you will need to plan long in advance, so consider how the divorce will affect this plan.

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