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What should you do with the divorce payout?

Your divorce has been finalized and you can now estimate what your immediate future is going to look like. At this point, many people let out a deep sigh of relief, even though the real battle is just about to begin. The uncertainty of property division, child custody determinations, alimony and child support awards is generally over. Though some spouses in Louisiana have already fought hard for these things with their attorneys at their side, there is more fighting yet to be done and it is often done alone.

In one ex-spouse's experience with divorce, she was unemployed. She had credit card debt totaling $8,000 and would be receiving roughly $100,000 in the divorce. That figure may look like a large sum but many people will find this mentality can make it disappear as quickly as it appeared. Careful spending is necessary to make sure that financial security can remain, even with that amount of money in the bank.

An expert commenting on the matter suggested she pay off her credit card debt so it would not gather interest and cost her more money in the long run. This would leave her with $92,000 in the bank no credit card debt. The next step would be to find a job that brings in a regular income, using only as much money as needed to get comfortable after the fallout of the divorce.

Acquiring a job can give newly-divorced individuals a sense of independence. It also gives them some financial security. By spending only what is necessary from the divorce payout, an ex-spouse can create a rainy day fund that can be used to create a solid retirement fund or to conquer any other major financial hurdle.

It is best to speak with an experienced attorney if you are considering a divorce in order to get the advice you need and ensure your interests are protected. Do not wait until after a divorce is final to wish you had fought harder to get what was rightfully yours.

Source:  foxbusiness.com, "How to Move on Financially After Divorce" Dave Ramsey, Apr. 30, 2013

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