REMEMBERING MAYOR THOMAS MENINO: Your Condolences  |  Complete Coverage

What You Need To Know When You Are Somebody’s Ex-Spouse

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(Photo by Justin Sullivan/Getty Images)

(Photo by Justin Sullivan/Getty Images)

420x316-grad-lee Dee Lee
Dee Lee is a Certified Financial Planner who received a diploma in...
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BOSTON (CBS) – No one plans to be an ex-spouse when they first take their marriage vows. Not even Donald Trump. But he does plan as if the marriage won’t last. He has a prenuptial agreement. His first spouse got $30 million; the second only got $2 million. This current spouse I am sure will get even less! She will get to keep all of the bling he gave her though.

Divorce is not for sissies! It can be living hell for all involved, especially the kids! More than 50% of marriages end in divorce, more than 60% of second marriages end in divorce. With those statistics staring us in the face, why would anyone want to get married?

A divorce can be devastating emotionally and financially. All those goals and dreams are shattered. It tears a family apart. What may have been a loving relationship most times turns into an acrimonious one at best.

If your marriage is rocky or you have begun to use the divorce word in arguments, there are some things you can do to be better prepared if you decide to go forward with a divorce. In this situation, money is very powerful and can be used as weapon.

Divorce should not be used as an idle threat though when arguing with a spouse. Children are ever so sensitive to the word “divorce” because so many of their friends have gone through the experience.

If you make the decision to divorce research the Massachusetts divorce laws which are fair in most instances. Then get some professional help if you are considering a divorce. This does not mean asking your hairdresser about her divorce but asking her whom she used. Visit a divorce attorney and ask lots of questions. You want to know what your rights are in a divorce settlement and what you are entitled to. If there are young children involved, there will be custody issues and child support.

Make a list of issues that are important to you and how are you going to share them. I have started a list:

  • Children
  • Assets
  • Real Estate
  • Pension Plans
  • Family Business
  • Stock Options
  • Pets

And who gets what share of the property you have accumulated together? Pets are considered property. You should enlist the help of a financial advisor and a mediator to help you and your spouse sort things out.

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You can hear Dee Lee’s expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.

Subscribe to Dee’s Money Matters newsletter here.

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