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Sometimes one parent is not as knowledgeable about the existing household finances, personal finances, and potential financial arrangements for the future, as the other parent. |
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Both parents have to look at their financial picture. Every family’s financial picture is unique. |
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People often separate because of finances. There is a myth that once parents separate dealing with the finances will be easier. In reality it takes more financial resources to operate two households, compared to just one. |
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Taking stock of your own attitudes and behaviours about money will help you to understand your finances and your role in managing them. It will also help you identify areas where you may need help. |
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Assessing your money personality and that of your former partner can help you understand each other’s perspective and to better plan for the future. |
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Preparing a family budget and income or net worth statement is essential when dealing with issues of support and property division and helps you manage your finances. |
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Parents need to understand how to assess and organize the payment of family debts and how to resolve any debt issues. |
