Earlier this week, we began a discussion about the long list of financial considerations involved in getting a divorce, especially when children are involved. Pittsburgh residents who have made the big and difficult decision to get divorced may quickly realize that there are many more big and difficult decisions ahead.
In a recent article, finance professional Linda Descano offered readers her own list of financial steps to take when going through the divorce process. Today's post will focus on some financial decisions surrounding big-ticket items and long-term expenses.
As we wrote in a post last week, it is important for each spouse to consider whether or not keeping the house makes sense from a financial standpoint, and Descano echoes this sentiment in her article.
If you expect to receive primary or sole child custody, you may think keeping the house is in the best interest of the children. However, it is important to consider whether you can afford the house long term. This includes calculating things like mortgage payments, utilities, maintenance and repairs.
Before a settlement is reached, it is also important for both spouses to consider long-term expenses that will either need to be paid in the future or will need to start now and continue into the future. Some of these considerations include:
- Health insurance coverage for the whole family, including children and parents
- Retirement benefits for both spouses
- Financing college tuition for the children
Descano says that the best way to work out these and other major decisions is to get help from a professional or a team of professionals. This could include financial advisors and actuaries, but it is especially important to find a qualified family law attorney.
Divorce is not an easy decision, and it leads to a series of other big and difficult decisions that must be made in the future. But you don't need to go through it alone. There are financial and legal professionals ready and willing to help you make the process as smooth and productive as possible.
Source: The Huffington Post, "We're Getting A Divorce, Now What?" Linda Descano, Feb. 1, 2012