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Advanced financial planning is essential before divorce

January has been deemed the most popular month for married couples to split up. Records show that divorce filings are one third higher in January than in other months because couples do not want to ruin holiday celebrations. In California and other states, the first week in January usually sees a substantial uptake in divorce inquiries.

Most couples are unaware of the costs involved in divorce, and they often have no financial plan in place. Couples assume they will be fine without the help of professional financial guidance, but experts agree that advanced planning can provide extra security for this unexpected chapter in their lives. A financial planner can devise a well thought-out plan to ensure that individuals do not end up in debt.

Divorce should be treated like any other major life event. Most people plan for everything else in life, such as wills, life insurance, retirement and savings accounts, but little thought is given to divorce. Experts advise learning as much as possible about family finances, including how much the other spouse makes, how paychecks are spent and what bills are paid each month. It is also recommended that individuals have funds set aside for legal representation and financial planning. 

It is unfortunate when a marriage ends in divorce, but being proactive about money and finances can help ease the financial burden. In California, it may be in one's best interest to speak with an attorney and a financial advisor. These professionals can provide effective plans for their clients to ensure this difficult time does not end in financial ruin.

Source: advisornews.com, "January Splits Leave Divorced Couples in Need of Financial Planning", Brian O'Connell, Jan.11, 2018

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