Too often, in the emotional turmoil of divorce, the financial realities get ignored by everyone involved. You and your spouse are dealing with years of resentment and fear of the unknown. Your lawyers are using whatever legal maneuvers are available to get you whatever it is that you want. You are spending money that you don’t have like water. At the end you are left with whatever is left over, often very little.

There is a much more sensible approach. Financial planning,which includes taking an honest look at income and expenses, assets and liabilities, real as opposed to unrealistic needs, and long term issues such as planning for college, retirement, and health issues, is a way to build a future for yourself, you children, and your soon-to-be former spouse.

Financial planning is not just for the wealthy; it is particularly important for people with limited means. It will enable you to get the best return for what you have.

Financial planning includes such topics as insurance, investments, tax planning, retirement (pensions, iras) and other employee benefits, disabilities and estate planning. It is a rare matrimonial attorney who is expert in any or all of those matter, like iras in divorce or Qdros or teachers’ pensions. A qualified financial planner can be very helpful in structuring a future for a divorced family.