to become mothers on their own.
www.wife.org: The Website of the Women’s Institute for Financial Education. Lots of articles about financial topics and online “money clubs” connect you with other women discussing money issues.
www.savingforcollege.com: Explains how 529 college saving plans work and what is available in your state.
- Create a budget. Saving for your financial goals will be easier if you both have a spending and saving plan.
- Continue saving for retirement. Having children presents financial challenges, but make a point of keeping up with your retirement savings.
- Get a financial education. Familiarize yourself with common financial terms. Try browsing the Website of the Women’s Institute for Financial Education, www.wife.org.
- Protect yourselves. Whenever your life circumstances change, such as with a marriage or the birth of a child, it’s time to review your insurance needs. See if you have adequate coverage for yourself, your spouse, and your children.
Women & Money, Your Personal Finance Guide by financial planner Dee Lee (Flying Pig Publishing; $24.95) helps women make the most of their money.
www.geezeo.com: Provides easy-to-use budgeting tools and even allows you to review your bank accounts.
www.wiseupwomen.org: An online and offline financial literacy program for Generation X and Y women set up by the U.S. Department of Labor’s Women’s Bureau.
- Don’t go it alone. You’ll need a team of professionals to help you through the process. At a minimum you’ll need a top-notch lawyer, accountant, and financial planner. “Divorce is not a do-it-yourself time,” says Stanny.
- Document everything. Rarely is divorce a total surprise. Most people have a clue that this might be in the works. If that’s your situation, make sure you have copies of bank and brokerage statements, deeds, pay stubs, tax returns, credit card bills, and insurance policies.
- Update your records. You’ll need a new will once you’re divorced. And you’ll probably want to remove your ex as a beneficiary from your life insurance policies and retirement accounts.
- Begin slowly. Just as you did when you were first starting out, work slowly and systematically to rebuild your wealth. Don’t give up.
Divorce & Money: How to Make the Best Financial Decisions During Divorce by Violet Woodhouse and Dale Fetherling (Nolo; $34.95) tells you everything you need to know about the divorce process, including how to get your financial house in order.
www.divorcenet.com: Provides financial advice and resources.