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The Benefits of Pre-Divorce Planning

Thoughtful pre-divorce planning is key in obtaining a client's divorce objectives that fully promote the client's best interests and those of any children going forward.

Statistics from many sources suggest that this holds even more true for many divorcing women than for their male counterparts. Although divorce can be stressful - even traumatic - for all sides in a divorce, women more often have deep concerns related to money management and finances following a divorce.

The reasons for this in many cases owe to the fact that literally millions of women have spent comparatively less time working outside the home than have their husbands, most often because of child-rearing responsibilities. The result for many is that they are ill-equipped following a separation to easily get a job, earn equal pay or readily obtain necessary training. In many instances, they are also unfamiliar with home finances, income specifics, bill-paying requirements and related matters.

Pre-planning is thus essential when a post-divorce life is being contemplated. One Georgia financial planner, Sherri  Goss, suggests that would-be divorcing women take a number of specific steps to instill confidence about the process. They include these: Assemble tax returns from prior years, as well as bank/savings account statements and pay stubs; draft a post-divorce budget that fosters understanding of monthly income needs following divorce; look at and understand all insurance coverages; and adopt a "worst-case" mentality that focuses on surviving intact along with the kids if, in the future, a former spouse dies, you lose your job or are disabled, or some other unexpected event occurs.

And, of course, consider contacting an experienced family law attorney to discuss a pre-divorce planning strategy that will secure the best post-divorce outcome.

Related Resource: www.macon.com "Think realistically, rationally about finances, divorce"

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