Keeping Tabs On Children and Finances Post-Divorce

By March 26, 2014Divorce

Paule, Camazine & Blumenthal, P.C. posted in Divorce on Wednesday, March 26, 2014.

By Paule, Camazine & Blumenthal, P.C.

A major benefit of marriage is that it allows two to act as a unit. Spouses benefit from streamlining tasks and information, which typically results in an asymmetry of information. As an example: stay-at-home Mom may know everything about the children’s likes and dislikes, and know every detail of their schedules but nothing about finances; while working Dad may know everything about the family’s finances, but not as much about the kids. When the couple separates, suddenly Dad has to learn about the kids, and Mom has to learn about finances.

An often frustrating part of divorce is the effort to transmit information between the two spouses. Mom may resent Dad for trying to learn in just a few weeks what Mom has spent years cultivating. Dad may be frustrated by Mom not understanding the nature of their assets and debts, the different uses for each bank account, and how and when bills are to be paid. The stress that this transfer of information can cause may be alleviated by the assistance of your divorce attorney.

An experienced attorney can explain many aspects of the family finances and can provide you with contacts such as CPAs or financial advisors to assist you with tax issues and investment advice. CPA’s can explain the basics of your assets and investment portfolio, and the tax consequences of the sale or transfer of these assets. Financial advisors can explain the risk and return associated with your current asset portfolio, and provide investment strategies for your next chapter.

Your attorney should also be able to tell you the best way to gain access to your children’s information. This information includes who to contact at school to receive information directly from the school about your child’s well-being, as well as help on how to get on email lists for your children’s activities.

Remember there are professionals available to help you through this stressful process. You have already done the research in choosing an attorney, and (s)he is a great resource for helping you find other professionals as well.

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