The months of January to March have garnered a reputation for being the time of year with the highest instances of couples filing for divorce. And there are statistics to back that up.
According to an analysis of divorce filings by FindLaw.com, a legal-information website, between 2008 and 2011, divorces spiked in January, continued to rise through February then peaked in late March.
Perhaps it’s the gloomy weather, lingering family conflict from the holidays, maybe a lack of romance around Valentine’s Day sparks the movement, or the enactment of New Year’s Resolutions – whatever the reason, the first three months of the year are looked upon as “time to get the divorce in action.”
So where does one start when they’ve come to the conclusion that the relationship needs to come to an end? Most start with a combination of online information searches and conversations with friends. These info-hungry spouses are arming themselves with everything they need to know about the process of divorcing. Or are they?
I recently had a client come to me feeling confident that she had considered all the angles she should in preparing for the separation of her marriage. But there were some key points she had overlooked – as do many others. The most common factors I see that are not considered when preparing for divorce are those that are not so obvious today – but will really matter a few years down the road. For our client she needed to consider:
- Shared cost of children’s education – while their children are quite young, and in a fine public elementary school now – what about the possibility of a private high school and then – those college expenses? Getting the details nailed down now of who may pay what what education expenses helps clients formulate their own savings and investment plans to assure they are prepared for those costs far down the road.
- Household repairs – in this client’s case we suggested she hire a home inspector – and what a relief that she did! Her roof will need to be replaced within two years and much to her surprise – she has mold growing in her basement due to poor ventilation. Those costs would have been completely on her shoulders in a very short timeframe had she not uncovered them before the divorce negotiations were final!
If you find yourself, or know someone else who is in the midst of preparing for a divorce, be sure they have the right guidance to consider all facets of planning not only for today’s finances, but setting the stage for a solid future financial plan. Preparing for tomorrow’s financial changes needs the keen eye of someone trained in divorce finances – a Certified Financial Divorce Analyst, to guide you through the many decisions you will make now – that will impact your tomorrow.
