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How might finances impact a divorce?

There are plenty of reasons to get divorced, and it's the sometimes best option for couples to move on. Some experts, however, say that economic realities might make it prudent to reassess the situation. Hawaiians may find it helpful to plan for their finances when considering divorce.

According to one finance specialist, couples who split can face unexpected expenses. For example, those who want to keep their homes might have to do so with significantly reduced incomes, and their bills aren't guaranteed to decrease. On the other hand, those who sell the marital home too hastily might run into unscrupulous buyers who try to take advantage of them. This possibility is particularly relevant for divorcees who rush to sell in an attempt to put their old lives behind them.

Other relevant concerns might include increased childcare expenses and travel costs. Parents often have to spend more time and gas shuttling their kids between their separate residences.

These money matters don't mean that people should shy away from getting a divorce if they feel the need to move on. For instance, someone struggling with a dangerous home situation may be better off removing themselves from that environment. They simply need to pay close attention to the planning and execution, and working with a lawyer might help them get started on the right foot.

Talking to an attorney may open people's eyes to options they hadn't previously considered. For instance, parents might choose to enact joint physical custody arrangements that let them split care costs more evenly. Or, they might undergo mediation with a third party who can help them reach agreements about splitting property amicably instead of wasting money on protracted court battles. Attorneys who have experience guiding couples through the process may make life much easier for everyone involved.

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