A Financial Advisor Offers Tips for Planning Your Financial Life

A financial advisor offers some comprehensive life planning advice that is also well worth reading for anyone contemplatling divorce.

Acting upon this advice, especially having a premarital agreement based upon discussions inspired by it, could save substantial money and hostility in the event of a divorce.

Things to discuss and decide together:

  1. who will be responsible for which debts and liabilities?
  2. remember, even after the wedding, while there’s marital harmony, it’s never too late to come up with a postnuptial agreement, if desired
  3. who will be the primary caregiver for the children?
  4. will the primary caregiver take time off work? how long?
  5. how will any needed daycare be paid for and chosen?
  6. how will healthcare for mother and baby be paid for?
  7. how much savings does the family need in case of emergency?
  8. how will life insurance on the primary breadwinner be paid for?
  9. how will the children’s college be paid for? when will you start saving for it?
  10. do you need living trusts, medical powers of attorney, wills, etc?
  11. will the person handling your final affairs be able to locate and access your safe deposit box and identify your accountant, financial planner, insurance agent, attorney, etc?

Divorce specific:

  1. how should property be divided, so that each spouse receives sufficient liquid assets as well as not so liquid assets?
  2. how can you give the children stability and continuity after divorce?
  3. who will take care of the children most of the time? when will the other parent see the children?
  4. how will the children be supported financially?
  5. should retirement accounts, trusts, wills, etc. be updated to protect the children and reflect the change in marital status?

Read more in this Sacramento KCRA-TV 3 news article: Paying For Life: Marriage.