Divorce is a major issue that affects millions of women. One of the most devastating impacts of divorce is what it can do to a woman’s finances. Bruce Rosenwater, an attorney at Bruce S. Rosenwater and Associates in West Palm Beach, Florida, recently spoke with PlumbTalk Women, offering crucial information about ways a woman can financially survive divorce. Having much experience with family law, which encompasses issues such as custody, child support, alimony, and divorce, Mr. Rosenwater attests that women facing divorce must be financially prepared and aware in order to protect themselves and their children and ensure a comfortable lifestyle for the future ahead.
Bruce Rosenwater explained that women approaching divorce must become knowledgeable about their finances; this is true for those who are employed and those who are not. Knowing about all their assets, such as insurance policies, bank accounts, and properties, will help prepare women for the divorce process. Also, it is vital that women know their family’s monthly expenses vs. income. This will help them understand their monetary needs post-divorce.
When asked what women could do to protect their selves financially in a divorce, Mr. Rosenwater replied that it’s wise for a woman to anticipate how much money she needs to live on before the divorce process begins. This can protect her from shorting herself on monthly income by ensuring the best distribution of assets and child support.
It is important to be realistic about what you will get out of a divorce settlement. Mr. Rosenwater stressed the importance of not letting friends give you too much advice about what you should be expecting – this is something better discussed with a divorce attorney. Bruce Rosenwater also encouraged women not to “fight over pots and pans” in a divorce case, but rather to carefully pick their battles. For example, it can be unwise to spend much time and money legally battling over a small household item. A woman approaching divorce should ask herself what it is she really needs from a divorce settlement and then consult her attorney for further direction.
All women, especially those going through a divorce, must become as financially stable as possible to enjoy a stress-free life. The best way to have this freedom is to make a long-term financial plan for the future; this is true for women of all marital statuses. When constructing this long-term plan, consider your goals and dreams as well as your debts and financial obligations.
It is vital that women encountering divorce become financially prepared for the next season of life. A practical way to do this is to enlist the help of a financial planner. Redrafting estate-planning documents, such as life insurance policies, might be necessary for some individuals. Jeff Landers of Forbes supports this by encouraging women to “take steps to prevent him (your husband) from making medical decisions on your behalf…change your will, medical records, living will, etc.” Rosenwater also encourages his clients to prepare a financial affidavit that outlines their assets and liabilities. He urges his clients to get that “financial affidavit together right away.”
Divorce changes a woman’s heart, life, and family dynamics; it shouldn’t negatively change her finances. If you are dealing with divorce, don’t despair. Instead, research ways you can protect your lifestyle and your finances. And remember, you are more than worthy of happiness and financial freedom.
For more information please feel free to contact Bruce Rosenwater at:
Bruce S. Rosenwater and Associates
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Principle #8 – Take Steps Toward Financial Freedom. (2012). Retrieved August 7, 2012, from http://plumbtalkwomen.com/principle-number-8-take-steps-daily-towards-financial-freedom/.
Attorney Bio. (2012). Retrieved August 9, 2012, from http://www.rosenwater.com/?page_id=649.
Landers, J. (2011). Six Must-Do Financial Steps for Women Facing Divorce. Retrieved August 14, 2012, from http://www.forbes.com/sites/jefflanders/2011/07/19/six-must-do-financial-steps-for-women-facing-divorce/2/.