Dr. Judith Gerhart, CFP
Certified Divorce Financial Analyst 
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Money and divorce – Start with the Numbers
July 30, 2009
While there’s no getting around the hurt and pain of separation or divorce, understanding the financial implications of a break-up can save you time, money, and grief - and the sooner you consider how your finances will be affected, the better. If your spouse handled the money in the family, it’s crucial that you begin your financial education well before you start your legal negotiations so you can level the playing field.
Here are some financial action steps to consider as soon as you know that separation or divorce is likely:
- Ask for help. Although you might have to bring in lawyers, accountants or actuaries at some later point, your immediate financial priority is to find a trusted friend, relative, or professional financial advisor to serve as a financial support person — someone that can help keep you balanced and focused;
- With your support person, prioritize your financial concerns and issues. Making a simple priority list is not only practical it also helps minimize the strong emotions that might otherwise cloud your judgment. Ask yourself:
- Do I have enough cash available to cover basic expenses - and for how long?
- What bills are urgent — rent or mortgage payments, child care expenses, insurance payments and what can wait?
- What expenses need to be covered in the near future (post-dated cheques, scheduled bank withdrawals, tax payments)?
BY: Karin Mizgala
Posted by Judith Gerhart on July 30, 2009 | Permalink | Post a comment
