The Money Team at the Des Moines Register recently posted an answer to the following question:
Q: “I am about to get divorced after 25 years of being a wife and stay-at-home mom with no involvement in finances. I’ll get the house and a decent retirement fund, but I don’t even know where to start. Any advice?”
This is an extremely common question when individuals, after a long-term marriage, divorce. The Money Team gives sound advice: Look at a few basic financial areas: cash flow, short-term savings, retirement planning and asset protection. Understanding what money is coming in and going out can make a bigger difference in your lifestyle than what you received in the divorce.
I suggest that anyone going through a divorce take a look at this article. Scheduling an appointment with a financial planner as well as an attorney versed in Wills, Trusts and other testamentary instruments is also advisable especially if you had little involvement in family finances during the marriage. You may need some guidance to get through the rough beginning but a clear understanding of finances can make the long road easier.