Do You Know Enough About Your Money?
As today’s guest blogger reminds us – marriage is about love, but divorce is about money.
So, though you may be on an emotional roller coaster right now, it’s in your best interest to stop and think about the “business” end of divorce. See what our guest and divorce financial expert has to say about becoming more knowledgeable about your finances as you and your husband consider a divorce:
Being Financially Prepared for Divorce
Your entire future financial well-being will depend upon what you know, or don’t know, and what you do, or don’t do, during this divorce. Every financial decision you ever made, or let him make, or didn’t even know anything about, will need to be made again, now, by you. You are responsible for the finances of your divorce, not your attorney. Attorneys practice law, not finance.
Collect and copy everything you can find: several year’s tax returns, anything from the IRS, payroll records, all business records, statements from all investment accounts, bank or credit union checking and savings accounts, retirement accounts, pensions, loans, credit cards, and insurances. Don’t wait or what you need will likely disappear. Then it will be very costly for your attorney to get necessary documents through his attorney.
Become as thoroughly knowledgeable as possible regarding your expenses and financial needs. No one knows this off the top of their head. Track your expenditures. Backtrack and document what everything costs. Be sure to include occasional expenses, like property taxes once per year, insurances every six months, tires every two years. If you don’t know what you need, for sure you’ll never get it.
Rosemary Frank, MBA, CDFA, CFDP, CFDS, Divorce Financial Expert and Mediator
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