Whether you are the spouse who initiates divorce or the one who has been blindsided by it, you will need to make financial decisions. That can be hard to do when you are flooded with emotions. However, women who fail to prepare financially for divorce often regret the long term consequences.
If you ceded some (or all) financial control to your spouse, then before you work with a mediator or attorney to negotiate a settlement, you need to understand your current household financial resources and give some thought as to what type of lifestyle you hope to have or maintain 5, 10 or 20 years into the future.
In this article, Jean Chatzky, personal finance journalist and best-selling author, shares tips provided by fellow members of my trade association, the Association of Divorce Financial Planners (ADFP).
For readers who live in California, I cover all the financial components you need to understand and master in this 30-minute interview. Whether you are contemplating divorce or already in the middle of a divorce, this information will help you answer some of your burning questions about dividing assets and debts and calculating child and spousal support.
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