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 » Tips for Divorcing and Newly Single Moms to Keep Their Finances in Order

Tips for Divorcing and Newly Single Moms to Keep Their Finances in Order

Tampa, Fla. – As Mother’s Day quickly approaches, Olivero Laws would like to say bravo to mothers who are busy raising their kids solo and keeping their family as the number one priority. As nurturers and teachers, mothers can be great role models. But sometimes the chaos of the day and back-and-forth on the parenting agreement schedule can make finances take the back burner.

As a Tampa divorce and family law attorney, Laurel A. Tesmer counsels many women who multitask wonderfully but need some guidance to avoid the financial pitfalls of divorce and the new, single life. “A mom needs to be ready for the worst case scenario – not only for herself but for the kids’ benefit,” Tesmer said. “Plan for the worst so that the divorce agreement covers your needs now and in the future.”

Many clients should discuss the financial ability to pay for the kids if one was to get sick or what would happen if they could not afford the mortgage after taking ownership of it in the divorce. “We’re not trying to make you panic, but by discussing the worst you’ll be better able to take control of the divorce negotiations,” she said.

Other big factors to consider while transitioning to single life include:
– Stick to a budget. Ask a divorce attorney for a financial advisor recommendation or make an action list to reduce expenses rationally over time.
– Sometimes keeping the home can be more of a burden. Get advice on what is better – keeping the marital home or having access to other assets that don’t require so much upkeep.
– No one gets to keep all the prized possessions. Fighting over electronics, furniture, and other items will end up costing more money and stress as the divorce drags on. Jot down a “Must Keep” list and everything else can be bargained.
– Protect assets and reassign beneficiaries. Close all joint accounts and get a copy of a free credit report to uncover any wrongdoing that an ex might have done under joint credit accounts.

“Moms can put themselves in a great position to be financially strong if they focus on these core principles,” Tesmer said. “What’s really exciting is that mothers can positively influence their kids’ feelings about money and abundance too.”

The Women’s Institute for Financial Education, also known as WIFE, encourages moms and single mothers to teach appreciation for life’s abundant blessings. “Talk openly and honestly with your kids about money,” WIFE describes in the article “Rich Mom, Poor Mom.”

“Financial matters are part of the business of life that everyone can learn about and practice with confidence. Show kids that managing money is about making plans and choices. To get what you really want and value, you often have to wait and save before you can spend.”

Olivero Law provides individuals with skilled and compassionate legal advice to guide them through the complex divorce process. Attorney Tesmer also advises on child support, division of assets, alimony and spousal support, and visitation agreements. She is a member of the Marital and Family Law Sections of the Florida Bar and the Hillsborough County Bar Association.

For more information:
http://www.brandonlawoffice.com
Olivero Law
500 Lithia Pinecrest Road
Brandon, Florida 33511
Phone: 813-654-5777
Fax: 866-941-5609

Posted on Saturday, July 2nd, 2011 at 10:46 pm under Divorce and Family Law.
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