Nobody plans to divorce. There is no such thing as a savings plan for divorce. Financial advisors rarely recommend strategies to prepare their clients for divorce which does not prepare for a divorce without going broke. For almost everybody, divorce is an unanticipated major life changing event for which there was no financial plan.
Moreover, divorcing spouses, by definition, are in an emotional state. They are upset, scared, angry and sometimes even vengeful. When you combine the lack of financial planning for divorce with the emotional state of the divorcing spouse, this can often lead to making very poor financial decisions. Some spouses will spend all of their money, and then borrow more, in order to fund expensive divorce litigation against their ex.
Scores of spouses needlessly spend their life savings to wage a high conflict divorce war against their former spouse in the name of principle or revenge.
That is why it is absolutely critical that the divorcing spouse align him or herself with the right professional advisors
So that they make intelligent, unemotional and rational choices about how to get through their divorce. Divorce lawyers, mediators, valuators and counsellors are very expensive. These people have spent many years acquiring the higher education, specialized training and expertise to be able to assist divorcing families. They have honed their skills in order to help families reduce conflict, focus on the children and reach long lasting and fair divorce settlements. However, some clients are so driven by anger that they lose sight of their financial reality. When such people end up in the hands of professionals who are more interested in their billing than in the welfare of their clients, the combination is tragic.
It is possible, even likely, to get through divorce with integrity, pride and financial health. The selection of the right advisor is key to that outcome. Choose wisely.
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