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Including divorce in financial planning

Planning for a California couple's financial future usually includes thinking about goals, savings and retirement. However, couples should also include a possible divorce in their planning. While this might seem like a pessimist view of relationships, planning for a future divorce means that couples can also be prepared in the event the marriage fails and they need to part ways.

One way to include divorce in financial planning is through the way couples handle retirement accounts. Usually, if couples split up, it turns out that one person in the relationship was much more prepared than the other. But both need to be prepared. One way to handle retirement accounts, for examples, is to increase each person's contribution appropriately as both incomes increase. Another way is to identify which retirement account has the better return and the lower fees and then invest in that one more since if the marriage does end, both parties will benefit from it.

Another important aspect of financial planning, which can be beneficial for both spouses whether the marriage continues or not, is to make sure that each person is knowledgeable about budgeting, paying bills, planning for retirement and making financial decisions. In many marriages, one person takes care of all of this and the other person is not as involved, but this can be a problem if the couple does break up, since the spouse who was not involved in the financial planning of the relationship might end up in a worse financial situation.

Statistics vary as to divorce rate trends, but the reality is that many marriages do come to an end. Those who divorce will usually find themselves having to rely on one income for a period of time, and family law attorneys can often assist their clients by negotiating property division settlement agreements that take this into account.

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