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Money lessons from a divorce

 

From: MarketWatch

By: Alessandra Malito

Knowing the intricate details of your family’s finances can be tedious, but it can also save you financial headaches and heartaches if you get divorced.

The wrong time to figure out your money is when you’re nearing retirement, and yet more than 75% of retirement-age divorcées need a better understanding of managing their personal finances, according to a new survey of financial planners from the American Institute of Certified Public Accountants. The financial planners surveyed said clients usually don’t discuss the possibility of a divorce when they are happy, and that often only one member of an older couple has been handling the finances — which can create chaos when it’s time to split everything.

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