Understanding Your Financial Portrait Before Leaping Into Divorce
Getting Comfortable with Money
So if you are like me, if there are times you are embarrassed by conversations around money, it has been during times when you are living above your means.
But as I speak with women who are going through a divorce, there is often another source of embarrassment. It’s the embarrassment of just not knowing. They never paid very close attention to their finances throughout their many years of marriage.
A very common statement in these conversations is, “I always trusted my spouse to take care of the money while I was taking care of our kids and household.”
One of my missions in life is to help women better understand their finances, and how their finances are intermingled, or not, with their spouse. Many women I speak with have no idea what assets they have or what debt load they are carrying.
They have lived in a house they have made a home, but don’t know if their name is on the deed or mortgage. What is left to pay on the mortgage? They don’t know. Many just sign their tax returns without discussing it with their spouse or accountant.
Your Financial Portrait
Whether you are getting divorced or not, it is not only your right but your duty to yourself to know and understand your Financial Portrait. At My Divorce Solution, we have developed a unique three-phase process to optimize the outcome of your divorce.
Divorce is not an easy process. Having clarity on the financial component of the process will aid you in making informed decisions. Moving forward to an independent life can only happen if you are aware of the life changes that are about to occur, and the financial implications of those changes.
When working with My Divorce Solutions, your Financial Portrait is a detailed report assessing your assets and debts pre and post-divorce. It will serve as a financial foundation whether you choose to get a divorce or stay married.
Either way, knowledge is power. You deserve to have all the facts in hand so you can navigate the next steps, wherever they may lead.
Catherine Shanahan is a Certified Divorce Financial Analyst at My Divorce Solution who partners with Karen Chellew, LL. My Divorce Solution is committed to helping divorcing couples develop a transparent plan via a three-phase process to optimize the outcome of their divorce. Phase 1 is the development of the financial portrait.
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