Dr. Judith Gerhart, CFP
Certified Divorce Financial Analyst 
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Financial Confidence For Facing Divorce
June 1, 2009
With the combination of later marriage, divorce, widowhood and longevity, almost 90 percent of women
will end up managing their finances alone at some point in their lives, according to the Department of
Labor. A strong base of financial knowledge can prepare you for that responsibility, regardless of when it
comes.
Unfortunately, when a divorce happens, there’s little value in the hindsight knowledge that a bit more
focus on the family finances would have been beneficial. Because trouble usually brews long before the
papers are served, that first pinprick of doubt is the time to sit up and pay attention. Arm yourself with
financial knowledge. If that pinprick goes away and you remain happily married, you’re no worse off for
having a better understanding of your overall financial situation. In addition to knowing, at minimum, how
much money comes into the household and what percentage goes toward bills, college funds, retirement
accounts and savings, you should also know where key financial documents, such as wills and insurance
policies, are kept.
Get to know the family financial advisor, accountant, attorney and insurance professional. If divorce happens, you may decide to form new professional relationships. If you hold joint accounts or seek joint services – for example, the accountant prepares a joint tax return – you and your spouse are both
technically clients, and ethics prohibit professionals from acting against your best interest. Don’t rely on your pending ex to relay information – call these professionals yourself.
By: www.themoneyalert.com
Posted by Judith Gerhart on June 1, 2009 | Permalink | Post a comment
Topics: Finance |
