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Dealing with money issues after a divorce

According to an article at psychcentral.com, the top predictor that a divorce is in a couple's future is money arguments. While there is no way to determine exactly how many divorces end because of fights over money, it is certainly one argument that most married couples have had a time or two. However, those money woes don't just disappear after a divorce.

Divorce means that the discussions over money must still continue. If kids are involved, then it's likely there are many years of such discussions ahead. There are a few things to remember about your finances after your marriage has ended.

First, remember that money obligations do not just disappear after the divorce decree is signed. Even the debts that your ex-spouse will now be responsible for will likely be your responsibility, too, if he or she fails to pay them.

Second, if you have children, both parents need to be doing okay financially. An extended illness or job loss can quickly deplete savings and throw someone into a financial mess. While it might seem like a bit of payback to see your ex filing for bankruptcy, your children will be worse off in the long run because of it.

Finally, realize that if money issues plagued your marriage, it's likely that 90 percent of the conflict you experience after divorce will be about money. The rest of your conflict will be over the children, including visitation, choice of schools, scheduling or similar issues.

Your children will see how you deal with money, and that is what they will learn. Keeping a positive attitude about your financial situation, which can be difficult, can help you set an example for your children that is much better than always complaining about money. If you believe a divorce is pending in your relationship, it may be time to seek professional guidance. From financial planners to experienced legal teams, the more you know about the divorce process and possible after-effects, the better off you will be when making decisions about your future.

Source: Source: Huffington Post, "The Money After Divorce Manifesto: A Neverending Story," John McElhenney, July 11, 2014

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