Tuesday, September 2, 2008

Divorce & Financial Decisions

Sunday's Business section of the San Diego Union-Tribune brought up a different point-of-view when dealing with a divorce. Financial separation is oftentimes more damaging than the emotional break-up for couples and author Linda Leitz shares her perspective in her new book, We Need to Talk: Money & Kids After Divorce.

She writes about financial responsibility and teaching children of divorce how to manage money but of course, leading by example, is the best way to educate. Leitz claims that the five stages of grief can apply to money matters as well as emotional ones:
  • Denial
  • Anger
  • Bargaining
  • Depression
  • Acceptance
Of course, as with every relationship where one goes through a grieving period, when one stage isn't resolved in a healthy manner, it makes it difficult, if not impossible, for that same individual to reach the final stage of acceptance.

There are specialists who help couples separate financially so that everyone is taken care of, especially the children of those involved. If you can work together to focus on the financial security of your loved ones, here's some suggestions for ways in which to help ease the task of splitting your net worth:
  • Get information.
  • Get tax and financial advice.
  • Dump the house.
  • Talk about college.
  • Consider kick-out clauses.
  • Mediate.
Many people stay together for the sake of the children, but even more couples stay together because they can't afford two mortgages or additional bills. Don't dismiss your financial health whether you're in a relationship or not. Your kids will thank you for it when they grow up to be responsible with their money after learning by example.


Lylah said...

hi sondra...thanks for your comment over at the lylah blog :-0 your gift ebook was sent...and in visiting you...got to say that you got some good stuff going on over here.

great job! lylah

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