The Money Smart
Legal, Binding & Enforceable Separation Agreements
Divorce and Money Management
We live in a world of growing singleness. While lots of attention is being paid to senior singles, less has been given to women and men who find themselves suddenly single—through separation or divorce —or to those who come to the realization that perhaps partnership isn’t in the cards and they need to start planning for themselves. Single adults make up more than half the population of Canadians. And they’re facing financial and life challenges for which they’re unprepared.
If the mere mention of “finances” makes you groan, then The Common Sense Divorce is for you.
Trying to get through life without understanding money management is like trying to drive a car without a steering wheel. You can lurch your way along, jamming on the breaks every time a threat looms, or you can put the pedal to the metal, but the whole time you’re careening down the road you’ll be worrying about what you’re going to hit.
Needless to say, there’ll be some mess to clean up when you finally reach your destination.
Hindsight is always 20/20 and many people attempt divorce and then the prevailing singledom without organizing their finances beforehand and learning money management tactics. This is understandable, as it may be hard to set aside emotions long enough to get everything in order.
However, not doing so can result in serious money management issues with your financial future.
The Top 3 Divorce Mistakes People Make
1. Hiring a lawyer before understanding all their negotiation options
2. Succumbing to emotions at the expense of their financial future
3. Not starting with a smart, legal and financially savvy go-forward plan
Still if you’ve managed to get this far without a financial plan, budget and investment agenda… you will want one now. A majority of marriages also have one partner who takes most of the responsibility when it comes to paying bills, which inadvertently leaves the other person in the dark about a lot of things.
It is YOU and you alone that is now singularly responsible for your money management. If you’re not familiar with how the money flows in and out of the family coffers because the other has always taken care of it, it’s time to step up to the proverbial plate. If you are someone who has always lived without a financial plan, then take this time of transition to financially recreate yourself going forward.
The Common Sense Divorce is going to help you to financially move forward in your life. Since there may be interruptions in your income as you go through the divorce, you’ll need a stash at the ready — an emergency fund — to fill the gaps. If necessary the Common Sense Divorce may be able to assist you with access to a line of credit or a supplemental credit card.
But YOU are starting a new phase of your life and YOU need to manage your money from this day forward. The Common Sense Divorce is going to help you to learn how to create your own budget, manage your debt, and create a personal investment strategy. Your money management plan starts now!
What It Means When Your Spouse Suggests Mediation
- Mediation is typically cheaper than lawyers or the courts
- Mediation tends to be the faster divorce process
- The courts will require you to consider mediation first
- Mediation has an excellent success rate