There are a number of simultaneous challenges, considerations and demands (emotional, legal and financial) for women going through a divorce.  Most do not have a clue as to what tomorrow will bring, let alone the next 20 years.

A financial advisor who deals exclusively with women says that too many women make decisions based upon what friends and family tell them without using an experienced divorce specialist with financial recommendations.

One of the recommendations is to not take the first settlement proposal that comes from the other party.  Sometimes the desire to end the divorce as quickly as possible interferes with rational decision making.  Rather it is more important to take time in the decision making process because there are no do-overs and you have to live with your decision for a very long time.

While the first offer may look good, it is important to consider the financial and tax impact.  Using a professional financial advisor can be very beneficial

The financial advisor laid out for Forbes different phases of planning for financially surviving a divorce:

• Planning: gather all your records and develop financial plans for the future.
• Researching: prepare a very detailed and comprehensive list of all assets, debts, income and expenses and obtain an understanding of tax consequences.
• Strategizing: understand the immediate and long-term decisions of each divorce settlement proposal
• Review settlement proposals and compare alternative outcomes

In reviewing options, one of the first things to do is to assemble a first-rate legal and financial divorce team to represent and support you.

Resource: Forbes:  Welcome to Divorce Dollars and Sense”  by Jeffrey A. Landers April 7, 2011