William Lako: New year, new finances: Navigating the financial waters of divorce

January is often referred to as “Divorce Month” based on the observation that divorce filings tend to spike at the beginning of the year. Couples may wait until after the end of the year, allowing them to complete year-end financial matters, such as receiving year-end bonuses or finalizing tax-related issues.

Divorce is a challenging life event that takes an emotional toll, and unfortunately, soon-to-be former spouses are not always rational about the division of assets or decisions they make, as they may have financial repercussions down the line. Assembling a team of experts to help prepare for monetary changes before the divorce is final should allow you to weather this life change. In addition to your attorney, you should consider adding a financial adviser, an insurance agent, and a CPA to your team, as these experts can help keep your focus on significant issues, such as asset division, child custody, and spousal support. They can also help you establish a budget that reflects your new financial reality.