Happy Sunday morning! Financial issues are almost always a concern when experiencing separation and divorce. This weeks weekly wisdom focuses on financial issues that impact families going through divorce.

• Wondering whether you need your own financial advisors separate from your spouse?
• Concerned your spouse may be hiding money?
• Not sure how you will pay for college?
• Worried about whether you will be ok financially when the divorce is over?

If so, you are not alone. I am sharing the articles below with the hope that they will help answer your questions and/or provide clarity so you can begin to move forward. 

Financial Issues-Divorce

Change is not something we embrace. Couples often continue to use the same family financial advisers, accountants, and estate lawyers, despite the fact that they are divorcing. But is this a good idea? This article highlights the pros and cons of keeping the same family financial advisors as your former spouse.

Do you suspect your spouse is hiding money? Financial infidelity is real. “Most financial infidelity does not include marital infidelity, but almost all marital infidelity involves financial infidelity.” If you suspect your spouse is cheating on you financially, this article provides advice on how to protect yourself.

Not sure how to go about finding a new financial team or whether you should act on your hunch that your spouse is hiding money? Your Divorce Coach will help answer your questions and locate financial professionals who are a good fit for you.

Financial issues-Parenting

If you are considering divorce or are in the middle of divorce, have you thought about how you will pay for your child’s college education? In this article for cnbc.com, Carmen Reinicke reminds parents to discuss plans for college, even if your children are young at the time of your divorce. Some states provide recourse if you can’t reach an agreement with regard to college expenses and in those instances you may be able to defer the decision to a judge. However, if you live in a state that does not allow a judge to decide how college expenses will be divided, it is important to clearly address these issues in an agreement.

Reinicke also highlights the impact divorce and remarriage may have on financial aid eligibility. She suggests that “if your children are already in college or are within two years of attending, you’ll want to make sure you understand at least the basics of how aid is calculated.”  

• Who is the custodial parent?
• Who owns the 529?
• Will a new spouse’s income affect financial aide eligibility?

Financial Issues-Wellness, Resilience, & Self-Care

One of the top concerns for people in divorce is “will I be ok financially.” Worrying about finances can take a toll on your health and well-being.  Educating yourself with regard to your options will empower you, which in turn will help reduce stress. In her blog article, Attorney Lindsey Obenhaus suggests three practical tips designed to alleviate the feelings of vulnerability and fear that may prevent you from successfully managing your money during your divorce. These tips are:

• Define your Post Divorce Goals;
• Tackle the Administrative Work; and
• Focus on the Essentials

If you are struggling with any of these tips, contact me to discuss how Divorce Coaching may benefit you.

Whether you are at the beginning of the divorce process or struggling with the aftermath, as Your Divorce Coach I will be by your side helping you transform the way you experience divorce; making it less stressful, less unpleasant, and potentially less expensive both emotionally and financially.