An important step in the divorce process typically calls for each party to prepare a budget. You need to determine how much money you will need to support yourself and your children, if you gain custody, and where the funds will come from. Reviewing past checking account statements and credit card bills can help you to estimate future expenses. WILL As soon as you separate, be sure to change beneficiary designations on your retirement plans and insurance policies. You also will want to have your will rewritten to reflect your new marital status.
Divorce can create many complex financial and taxation issues.
Working with a CPA can help ensure that your divorce takes into account your best financial interests. This column is provided by the Kentucky Society of CPAs.