Control your finances during – and after – divorce

Divorce can be a lonely process. But it doesn’t always have to be that way. In fact, family law experts suggest surrounding yourself with a support team to make it through the process. While friends and family are certainly valuable members of this team, there are others, such as a family law attorney and financial planning expert, that can help you through the legal and logistical side of divorce, looking out for your interests while you prepare to take your next step.

Those who are going through a high-asset divorce should consider enlisting the services of a Certified Divorce Financial Analyst, a financial planner or accountant who has completed training with the Institute of Divorce Financial Analysts. These experts are available to help divorcing couples in Las Vegas and throughout the country determine their next financial step during and after a divorce.

If you are unable to hire a financial planner, here are a few tips for managing your finances in divorce:

• Get the most out of your assets: Many spouses going through a divorce want to hold on to the family home or a similar asset because of their emotional attachment to it. Try to look at these assets with a neutral perspective, and make the best decision for your finances, not your feelings.

• Make sure you have life insurance: If your spouse is ordered to pay alimony, make sure that he or she has a life insurance policy. If your ex-spouse dies, your alimony payments will stop unless such a policy exists.

• Keep a spending record: Adjusting to life with one income instead of two can be difficult, especially when you have the added costs of an additional household. Write down everything you spend and compare it to your income at the end of the month to ensure that you aren’t spending yourself into debt.

Source: Chicago Tribune, “Be the CEO of your divorce,” Jen Weigel, August 23, 2011