The divorce is over. After hours with an attorney or mediator and time with your accountant and financial planner, you’ve finally come to an agreement. The assets are divided, the house perhaps sold and each of you begins your newly single life.
Fast forward 3 years: your son gets his driver’s license. Do you buy him a car? Who pays? Whose insurance does he go on? What happens when he has his first (inevitable) accident and the rates go up?
Fast forward 4 years: your daughter wants to do a semester abroad. It’s more than you want to spend! Does she still go? Who pays? How do you resolve it?
Fast forward 5 years: your ex gets remarried. His/her new spouse goes on the family health insurance plan. What happens to you? Do you get a plan of your own with the same company? Are you looking for a plan through the Mass Connector? Who pays?
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Sometimes it’s the little issues in a divorce that trip us up many years later. While it’s easy to think about things like car insurance and a semester abroad when your children are already teenagers, these things can easily slip your mind if your children are only 5 or 6 at the time of divorce.
Talk to friends who have been divorced for several years. Talk to people with children who are older than yours. Make a list of potential financial pitfalls and raise them during negotiations. Think far ahead into the future and not just a few years down the road.
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More information about Senes & Chwalek Financial Advisors can be found at www.senesandchwalek.com. Senes & Chwalek Financial Advisors has offices in Concord and Harvard, Massachusetts. Views and opinions expressed are those of Renee W. Senes and David Chwalek and are subject to change based on market and other conditions. The information provided is general in nature and should not be construed as tax or investment advice. Consult your investment professional regarding your unique situation.
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