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When being fitted for your wedding dress or tuxedo, the possibility of your marriage ending in divorce is the furthest thing from your mind.
Leonie O’ Connell from Momentum says divorce not only leads to a broken heart but could have a severe effect on your personal finances. “Understanding these impacts is the first step in protecting your financial future and will therefore make it easier to plan accordingly,” she said.Divorce can lead to a substantial reduction in household income, increased living expenses and legal fees.
Planning will further manage the division of assets and prepares both parties for post-divorce financial independence.
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