Del Mar Financial Advisors Explain The 8 Possible Financial Consequences Of Divorce and How To Avoid Them, PART 4

This four-part article series explains the many financial pitfalls associated with divorce and how women can best avoid them through careful research and the right planning.

Welcome to the final installment of this four-part article series on the possible financial consequences of divorce and what women can do to avoid or at least offset them.

To Briefly Recap:

Thus far, I've covered the following great tips, which I discussed with a reputable Del Mar asset management firm:

#1: You need to start squirreling away funds to sustain you through the expensive aftermath of divorce.

#2: Take the time to complete the things that need to be done before the financial and emotional turmoil hits at full force (put new tires on the car, get the children's teeth done, buy some clothing, etc.).

#3: Accumulate neat copies of all your financial documents and records, from wills, banking details, insurance policies and car registration to property deeds, trusts and tax returns.

#4: Don't overlook any assets. Make a detailed inventory list of all the items owned by you and your husband (of tangible and intangible value) and fight for half.

#5: Always consider the tax consequences of any financial decision you make in your divorce because they could see you walking away with substantially less than you deserve.

#6: Don't make emotional decisions and don't allow your anger, sadness or guilt to get in the way of your negotiations. Be professional and business-like, but keep things amicable. Only lawyers benefit from ugly divorces.

Let's look at those final two consequences and the lessons women should draw from them.

Consequences of Divorce # 7: Not Fighting for what's Rightfully Yours

You've loved him for years and ultimately don't want to hurt him. It's in your nature to be sensitive and supportive of those you care for, so it can be tempting to just walk away from many of the costlier assets you and your husband have accumulated and that he in particular covets. But, this can be a terrible financial decision for you. You are already going through the motions of a divorce... this is not about making friends.

You should be firm about getting what you deserve and what you need in order to move forward, not on the distant eventuality of being friends with your ex. So, for example, even if your husband's car costs more than yours, you should view the two as equal property and split the costs down the middle.

Consequences of Divorce # 8: Ignoring Your Own Career

It's far from uncommon for women to make their careers second or even third priority while married and especially with children in the picture. The shocking realization of this only hits after divorce, and with the added responsibility of supporting yourself without financial support from a spouse.

What You Should Do

"Prepare yourself to prioritize your career!" say Del Mar financial advisors. "Go for some counseling to determine which direction you want to take yourself in, perhaps sign up for a few online courses, update your resume and upload it to the social media sites available for professionals, such as LinkedIn. If you're bored of your current job, check out the job market for new, exciting opportunities or even think about starting your own business."

Divorces may represent the end in many respects, but they are also the chance for a new beginning.