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Will divorce ruin me financially?

If you and your spouse in New Mexico have chosen to get a divorce, you will have to make many tough decisions and you may be unsure about just what information you should be collecting or factoring into those decisions. A divorce is a major emotional event in your life but it is also a major financial event in your life. It is important that you understand the things to pay attention to so that you are prepared to move forward financially in the right manner.

As explained by USA Today, if you and your spouse have minor children, you should discuss plans for how you will pay for college for your kids when the time comes. These agreements may even be part of your divorce agreement so that you are not left facing this alone when the time comes.

As you prepare to live without a partner, you should budget carefully as your living expenses will increase. Think beyond just housing, utilities and groceries and add expenses like car insurance as a single driver versus a married driver to your plans. You may even need to change health insurance plans and that might result in higher costs to you for both the plan itself and any copays or other out-of-pocket expenses.

This information is not intended to provide legal advice but is instead meant to give residents in New Mexico some ideas about what they should track and consider when getting divorced to protect themselves against serious financial problems.

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Offices Conveniently Located in Roswell, Albuquerque & Hobbs

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701 West Country Club Road
Roswell, NM 88201

Toll Free: 866-755-7229
Phone: 575-578-4392
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4801 Lang NE
Suite 110
Albuquerque, NM 87109

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Phone: 505-798-2588
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732 E. Michigan
Suite 500
Hobbs, NM 88240

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Phone: 575-318-2887
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1990 E Lohman Ave
Las Cruces, NM 88001

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1100 Sudderth Dr
Ruidoso, NM 88345

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