BOSTON (CBS) – No one plans to be an ex-spouse. Not even Donald Trump. But he does plan as if his marriages won’t last.

He now uses a pre-nup. His first spouse got $30 million plus $350,000 a year alimony; the second only got $2 million. He is still married to Melania but there was a pre-nup.

Divorce is an emotional and financial roller coaster. It can be a living nightmare for all involved especially the kids! The divorce rate is about 50% for first marriages and close to 60% of second marriages end in divorce.

All those goals and dreams you so carefully crafted as a couple are shattered. It tears a family apart. What may have been a loving relationship most times turns into an acrimonious one at best.

Being single again you need to rethink your financial goals.  If there are children involved how are you planning to care for them? If you are the custodial parent or the one sending child support checks; the kids should be the number one financial goal for both of you. How do you take care of them? How do you pay for their education? Truly their needs do come first.

The old financial goals won’t work here. Write down your new goals. You will be more committed to them if you have them in writing and review them every 6 months or at least once a year.

Work on a net worth statement. Was there anything left after the divorce? Many quarreling partners end up splitting debt not assets in the final tally. If you have credit card debt try to wipe it out as soon as possible.

Review all the financial accounts that have a beneficiary listed. Who is it? Does it need to be changed? Life insurance, retirement accounts, annuities.

The retirement account will become even more important when you are single for you may be single when you retire and you may need more dollars saved to maintain your lifestyle. Can you afford to contribute more each paycheck?

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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.

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