Plan as Thoroughly for Divorce as You Would for Your Wedding
Divorce and weddings are both stressful, emotional times in a woman’s life. But while you want your wedding to be perfect and plan accordingly, you may simply want to get through a divorce in order to quickly move on with your future. While this is understandable, it can also be costly. Ironically, all that slow and careful planning that goes on prior to the wedding occurs when you have little or no assets; 20 or more years later the two of you likely have assets accumulated. That makes it important to plan for divorce equally as well as you did for marriage.
Certified Financial Planner and senior investment officer for South Texas Money Management, Ltd, Lisa Fox understands divorce is an emotional time, but also realizes having an attitude of “just wanting to move on” could cause potential long lasting financial consequences.
The financial facts are that after divorce, 45 percent of women experience a decrease in their standard of living. On average these women have 27 percent less money to live on. Men on average experience a 10 percent increase in their standard of living. Women must plan carefully, gather all financial documents, and become aware of all assets the couple accumulated.
Make copies of all your financial documents; don’t just look at them or list them. Read financial statements. Make certain that you know about all investments. Even if you believe you don’t want something like frequent flyer miles, just make sure you document that they exist. Make copies of all important financial documents and put copies into a safe deposit box or put them in the safe keeping of the hands of a friend.
Pennsylvania divorce financial issues attorney Sheryl R. Rentz understands that going through a divorce can be an emotional time and that finances may be the last thing on your mind. Complicated issues arise during divorce. You must protect your financial future. To learn how Sheryl R. Rentz can be of help resolving financial issues, call (610) 645-0100.