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You got a chunk of change in your divorce: What do you do with it?

| Mar 22, 2018 | Divorce, Firm News

We have noted in prior select posts that every divorce in Arkansas is flatly unique. No two families are the same, and something as personal as family outcomes concerning important matters can never be determined through a “one-size-fits-all” strategy.

One marital dissolution might be all about the kids — a flexible parenting plan, custody/visitation arrangements, support and attendant matters. In another decoupling, a couple might not even have children and be focused instead on the future of a business they developed together. Many divorcing parties are centrally fixated throughout their divorce negotiations on valuing and equitably distributing marital property.

Indeed, and notwithstanding differences in focus from case to case, money issues loom decidedly large in many Arkansas divorces.

And that is only naturally, right? Ex-spouses going separate ways need to fund new lifestyles, and often with diminished assets. “Invariably,” notes a recent Forbes article on divorce, “two households need to be supported from the same pool of income and assets that existed when the couple got married.”

That reality can be especially stark and bracing to the individual Forbes terms “the financially less sophisticated partner,” that is, the “nonmoneyed spouse.”

If such a person gets what is essentially a pile of cash in a divorce settlement, that money is going to have to fund the future. That makes investing it a top priority.

Because it has to be done right. The “paltry earnings of money market accounts” aren’t going to cut it, notes Forbes (except maybe for the ultra wealthy). Realistically, a divorced spouse receiving a cash settlement will need to smartly invest it in a diversified pool of assets that can fuel future growth.

That necessarily entails a bit of reasoned risk, which can seem a scary proposition for many divorcing parties without a deep well of financial sophistication.

Fortunately, there are many available resources that can help, coupled with good-faith advisers having a duty to promote clients’ best interests. Admittedly, getting started might seem a bit daunting, but there are many go-to references that can help get things started.

Forbes suggests speaking with a trusted professional, such as the family law attorney who assisted you during the divorce process and can now help with additional advice and appropriate referrals.

Having money to embark on a post-divorce life is a blessing. Investing it wisely can help ensure financial solvency into the future.

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