To avoid costly pitfalls, women should consider these important 5 things  before they start the legal divorce process. Russ Thornton, Certified Divorce Financial Planner and Expert shares this advice:

1- Think practically not emotionally regarding financial settlements, be practical and contemplative regarding current income, future needs and expenses that will need to be maintained.

2- Guard decisions . Don’t agree to something that could lead to long term negative financial consequences for you or your children. Consider all options thoroughly before making financial settlement commitments.

3 -Don’t assume keeping the family home is the best financial situation for you. Assess your current income and ability to maintain all expenses related to the home including mortgage, maintenance, homeowner association dues, utilities and taxes. The financial freedom that accompanies renting can be an excellent way to reduce expenses until your income stabilizes.

4 – Start your job search immediately . If you are currently unemployed and will need to return to work, start looking for a job as soon as possible. It can take 6-12 months to find gainful employment.

5 – Avoid making major financial decisions right away. Pause and take time to let the dust settle on your impending financial situation. Purchasing a new home, vehicle or extravagant vacation could compromise funds that may be needed for basic survival in the short term as you re-establish your independence.

I personally found so many great benefits to selling our family home, downsizing and renting instead:

Over the years I have observed many women fall into dire financial circumstances after divorce by failing to put their practical financial foot forward pre-divorce. For more financial guidance and ideas get our Transitions Divorce® Prep Workbook http://amzn.to/1xfc9lV and visit Russ Thornton’s website.

Disclosure of Material Connection : I have not received any compensation for writing this post. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR. Part 255: “Guides Concerning the Use of endorsements and Testimonials in Advertising.”

Disclaimer: This is my personal blog. The opinions I express here do not necessarily represent those of my organization, Transitions Resource, LLC. The information I provide is on an as-is basis. I make no representations as to accuracy, completeness, suitability, or validity of any information on this blog and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its use.

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