After separating from her husband last year, Marilyn has been struggling to pay her bills on time and to keep track of her expenses. During the 21 years she was married, her accountant husband had taken care of all their financial transactions. “I didn’t understand the basics of managing our money,” Marilyn reveals, “I had never even read our bank statement.”

Four years ago, 46-year-old businessman Steven decided to let his ex-wife keep the family home, since she would have custody of their two young children. “I left everything with her and walked out with just my personal possessions.” Today he wonders if he made the right decision as he is finding it difficult to afford to buy another house of his own.

The dissolution of a marriage usually brings upheaval for the former partners, their family members and friends. While attention is given to the emotional and mental effects of divorce, the monetary challenges cannot be ignored as they can leave the family finances in serious disarray.

If you are dealing with divorce, here are some important considerations: Continue reading Managing Money After Divorce →