Reading Room: Divorce and Money

Physician's Money Digest, September 2005, Volume 12, Issue 13

Divorce and Money

Divorce and Money

Divorce and Money

Brian M. Johnson

Divorce is never an easy thing to go through, both emotionally and financially.While it may take years to overcome the emotional burden, you'llstill need to set your finances straight as soon as possible. To this end,Nolo, the nation's leading provider of do-it-yourself legal solutions for consumersand small businesses, has recently released (Nolo; 2004). Ifyour finances are in disarray, a divorce will force you to get it together immediately.lays out everything you need to do to make the process aspainless and financially sensible as possible. The book will help you discern exactlywhich possessions are yours and which are your spouse's so they can be dividedup with a minimum of fuss. This also applies to debts incurred while you weremarried, helping you to sort out who's responsible for them. If you have children,you will be interested in the advice the book provideson how to settle child support payments—togo along with your possible alimony payments.also offers guidance on divorcematters such as if you should sell your house, whatto do about joint accounts and credit cards, andstraightening out any potential tax problems.Arguing about money is one of the leading causes ofdivorce, but if you do find yourself splitting up withyour spouse, you'll need to be as financially preparedas possible.—