What financial questions or considerations should a person be asking or making when divorcing in their 20s? Their 30s? What about the 40s, 50s, and 60s? While many of the questions below may apply across the board, here are a few key questions to ask yourself depending on your age range at the time of your divorce:
If you're in your 20s:
- Do we fully understand which assets are separate vs. marital property subject to division?
- Were we married long enough for spousal support or maintenance to come into play?
- Does either of us have professional education debts or significant credit card debt? If so, do we know how to classify it?
- Are there children involved whose best interests need to be considered in our financial decisions?
- If we have a marital home, do we have a game plan for what happens to it? Is the plan realistic?
If you're in your 30s:
- Do we have children whose best interests need to be considered in our financial decisions?
- If we have a marital home, do we have a game plan for what happens to it? Is the plan realistic?
- If the marriage was not long-term and has no implications on spousal support, what are my plans for future income generation?
- What are the tax implications of child and spousal support?
- Are short-term post-divorce changes required to adjust to the new financial picture?
If you're in your 40s:
- If we have children, do their ages impact child support? Do we have savings that were intended to be used for college education or other investments that must be considered?
- If we have a marital home, do we have a game plan for what happens to it? Is the plan realistic?
- If I wasn't the primary income earner in the marriage, do I have earning potential? How might that impact spousal maintenance?
- Considering the pending changes in my financial situation, do I need to develop a post-divorce financial plan to get back on track for retirement?
If you're in your 50s:
- What significant career or business assets have we obtained? This includes but is not limited to businesses, defined benefit plans, and executive compensation assets. Do our assets require valuation and characterization as marital vs. separate property?
- How will we strategically divide accumulated assets to maximize outcome and minimize the cost of additional services required to divide assets (e.g. selling costs, QDROs, etc.)?
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If you're in your 60s or older:
- When will retirement benefits begin paying out, and how might property division decisions impact this?
- How will my divorce impact my Social Security benefits?
- Do we understand how life insurance policies will be treated?
Frequently Asked Questions About Financial Questions in Divorce
Why should I ask financial questions during divorce?
Asking the right questions helps you understand your assets, debts, and expenses so you can make smart decisions for your future stability.What are the most important financial issues to consider?
Focus on income, property division, debts, retirement accounts, child support, spousal support, housing, and long-term planning.How do I prepare financially before starting divorce?
Gather all financial records, create a budget, review your debts, and think through housing and future expenses. The more prepared you are, the smoother the process.What mistakes should I avoid with money in divorce?
Don’t hide assets, make big financial moves, or agree to terms without understanding the long-term effects. Acting impulsively can harm your future.Should I work with a financial expert during divorce?
Yes. A divorce financial expert can help you evaluate settlement options, tax issues, and the long-term impact of decisions.How can I feel more financially secure after divorce?
Build a budget, update accounts and beneficiaries, review insurance coverage, and create a savings and retirement plan.
How to Ask the Right Financial Questions During Divorce
Gather your financial documents
Collect bank statements, tax returns, pay stubs, and retirement records to get a clear financial picture.List your assets and debts
Write down everything you own and owe, from property and vehicles to loans and credit cards.Create a realistic budget
Track income and expenses to understand your needs both during the divorce and afterward.Prioritize your financial questions
Decide which issues matter most to you, like housing stability, retirement protection, or child-related costs.Seek expert guidance
Consult a certified divorce financial analyst or lawyer to review your settlement and long-term financial plan.Plan for your financial future
Update your accounts, set new financial goals, and focus on rebuilding stability and savings post-divorce.
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