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Expert Q&A

Financial advice for a woman getting a divorce?

I have not been responsible for managing my money and I am in the process of getting a divorce. What financial advice do professionals typically give women like me to prepare better for life after a divorce?


Related Topics: Financial Planning, Tax Returns and Preparation, Taxes
Related Tags: Divorce, Women, Single
Candy Yu
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By Candy Yu - Avolon Accounting & Business Services
Answered 11 months ago

First of all, I am very sorry to hear about this. I think there are two steps:

During the divorce, I recommend you to figure out what are the assets that you both own, such as bank accounts, investments, furniture, etc. You will need to provide such list during the divorce to be able to divide assets.

Then based on how much assets that you will have after divorce, I recommend you to create a budget for the 1st time. You will need to figure out how much income you have, and what are all the expense that you will have to be on your own. Once you’ve done this, you will have a better sense about your money and how to manage it going forward.

I hope this helps. Good luck!

Candy Yu

Thomas Bridgman
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By Thomas Bridgman - Brent Financial Group, LLC
Answered 11 months ago

That’s a very difficult situation to answer in general terms. I’d suggest meeting with an experienced tax advisor to discuss your specific situation, or seek out a Certified Divorce Financial Analyst or Certified Financial Planner.

The IRS has a publication, Pub 504, on Divorced or Separated Individuals, which you can find by searching irs.gov.

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