Financial planning can assuage common divorce fears

On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, September 6, 2013.

Illinois residents weighing the prospect of divorce might harbor reservations about doing so because of fears that they have about what will happen after the process is over with. This is especially true for the spouse who is considered the “out spouse,” or the one who lacks a working relationship with a financial advisor or attorney and is not involved in household finances, including bill-paying and investments.

The “in spouse,” on the other hand, has a leg up on financial affairs, having handled them during the marriage. Three common fears that “out spouses” tend to share when they are getting a divorce, however, can be allayed with a bit of financial planning so that they can feel more confident in their financial future.

One common fear among out spouses is the fear that they won’t get their fair shares in the divorce. Since they didn’t handle the financial aspects of their marriages, they might not have full knowledge of their marital assets, and it might be easier for their spouses to hide assets. One way in which they can address this is to hire a financial accountant to uncover any hidden assets.

Other fears “out spouses” tend to share is the fear of not knowing what they’ll be left with after the divorce and the fear of how their lives will change. A financial advisor might be able to help them fully understand what they’ll have left over after alimony and child support payments by helping them prepare a post-divorce income and expense report.

Divorce attorneys might be able to help people work through their divorce negotiations with their exes. An attorney might be able to help them come to equitable agreements concerning tough issues like alimony, child custody, child support and the division of property.

Source: CBS News, “Divorce Financial planner: 3 common fears“, Robert Pagliarini, August 23, 2013