Your budget is likely to take a big hit when your marriage ends.
Getting a divorce stands to be as budget-breaking as it is heart-wrenching, especially for women.
"The dynamic is changing a little as more women are staying in the workforce and continuing and accelerating their careers, but typically, divorce hits women harder than men," says Nicole Mayer, a certified divorce financial analyst and partner at financial planning firm RPG Life Transition Specialists in Riverwoods, Illinois.
Indeed, marriage tends to offer some financial advantage. Married women's median weekly earnings were about 20 percent higher than those of women of other marital statuses, including never-married, divorced, separated and widowed, according to the most recent data from the Bureau of Labor Statistics. They even earn 9.6 percent more than unmarried men (but 23.4 percent less than married men). After divorce, specifically, women's household income fell by 41 percent, on average, almost double the loss men experience, according to a 2012 report from the U.S. Government Accountability Office.
Why is divorce so much more detrimental for women financially?
One reason is that women overall earn less than men. Based on median weekly earnings, for every dollar men earn, women make just 82 cents, according to the BLS – and the disparity can be much greater for certain races, as well as job types. For example, in the first quarter of 2017, white men earned a median $977 a week while white women made $790 a week and black women earned just $645 a week. By job, personal financial advisors have the biggest gap, with men earning a median $1,714 a week compared with women's $953 a week.
While income inequality is a much more deeply seated cultural and societal issue, traditional gender roles play a big part of the problem, says Chris Chen, certified divorce financial analyst and CEO of Insight Financial Strategists in Waltham, Massachusetts. Specifically, the demands of caregiving, which tend to fall on women whether it's for children or aging parents, contribute to lowering lifetime earnings. Taking time away from the workforce to do the job of a caretaker means fewer hours at a paying job, which also leads to lower Social Security benefits or opportunities to save in general.
"With regard to women, the pay gap has been narrowing, but it's still there," Chen says.
And the impact of those traditional gender roles goes beyond the numbers. Women were often not in charge of their household's overall finances; money management was the husband's domain.
Here’s how to protect your money when your marriage is falling apart.
"Traditionally, women end up taking on a lot of the household duties, [which] might be paying the bills and doing some of those kinds of things," Mayer says. "But they never really handled the finances."
So divorcing your income-providing, money-managing spouse is bound to do damage to your bottom line – and force you to make a change. Taking an optimistic point of view, uncoupling presents you with an opportunity to step up your independence and flex your own financial power.
"The silver lining [to divorce] is that most women feel much more confident, much more in control of their finances after the divorce than before," says Natalie Colley, an analyst at financial planning firm Francis Financial in New York. "That's because they're finally the ones in control of their finances."
How can you get going on your fresh start?
First, you need to do an inventory of your current financial situation, including your income, expenses and assets, as well as your financial goals and future plans. And remember, much of this will be all new post-divorce.
Going from a dual-income household in marriage to a single-income household is a big change. And if your spouse was the sole or primary breadwinner, you may need to step back or up in your career. Even if you get spousal and child support, you can't rely on it for the long term, and it's better to adjust to not having that extra income sooner rather than later. "Alimony and child support are not forever," Chen says. "You have to plan for when it ends: Continue advancing your career to progress from a lower-paying job, and make sure your expenses are lined up at the right level."
On the other side of the equation, your expenses are likely to eat up more of your income. "You're really supporting, in some aspects, two households, so you feel like you're living on a lot less," Mayer says.
Looking forward, your dreams and goals are probably different now. For example, your vision of retirement might completely change from what you had been thinking with your spouse. And the path to getting there is certainly altered. "You always assumed there'd be two of you and maybe two 401(k)s and two IRAs, and that's now all changed," Mayer says. "So now it's really updating your picture as a whole, your long-term picture."
Of course, while starting over can be exciting and refreshing, it can also be daunting. Don't let that stop you from charging into making your new financial plan.
"The biggest mistake I see people make is they don't start the process immediately after divorce," Mayer says. "They wait five or 10 years – when child and spousal support stops – and then reality hits. Those first few years are really transitional years, and you have to tackle them head on."
The best way to overcome any fear you might have about taking the reins on your financial life is to get educated. Do all you can to better understand money matters in general and your own financial situation specifically. That might mean continuing to read articles like this, maybe taking free or low-cost classes on the subject or working with a financial professional. Whatever route you take, learning more about what you fear can help you realize you had nothing to fear at all.
"Once they feel they have a good handle on these things, women become much more confident and then much more aggressive in their portfolios," Colley says. "And they can lean into their financial lives even more."
Source: https://money.usnews.com/money/personal-finance/family-finance/articles/2017-08-14/why-women-should-rethink-their-finances-after-divorce
From before the divorce to negotiations to post-split, follow these common sense tips for a split that is financially fair and fits your family situation
The average cost of an uncontested divorce is $1,845, but a contested divorce can cost anywhere from $6,145 to $87,974, with the average being $13,638, according to Canadian Lawyer’s 2015 legal fees survey. But this doesn’t factor in moving fees, new living expenses, the division of your assets and debts, and possibly child and spousal support.
No surprise then that to reduce money stress, nearly one quarter of divorced or separated millennials and Gen-Xers delayed their divorce because of unexpected costs, a recent TD survey found.
“I have a friend who is in for $280,000 (in legal fees),” said Dean Bergsma, an Edmonton-based divorce mediator. “It’s been going on for four or five years and it’s a complex case … But divorce does not have to be expensive.”
It’s possible, he said, to have a split that is financially fair and that fits your family situation without having to go broke. Here are 13 tips to having a money smart divorce.
BEFORE THE DIVORCE
1. Educate yourself about your finances
“With so many people, their level of financial literacy is not very high. On top of that, they may not be involved in the family finances,” said Sharon Numerow, a certified divorce financial analyst at Alberta Divorce Finances. “The less you are in the know, the less you’re equipped to make decisions, and divorce demands permanent decision making.” Start by figuring out what you and your spouse have in terms of assets and debts. Print out your financial statements. If you’re lost, consider seeking guidance from a financial adviser.
2. Make yourself a budget
How much are each of you currently making and how is that spent? Now, if you leave, how much will you need to cover rent, living expenses, vehicle costs, child-care fees or possibly child support and maybe spousal support, etc.? “The biggest challenge for couples going through divorce is now we’re going to take the same pot of money and try and support two households rather than one,” Numerow said. “A couple would need 30-per-cent more income to enjoy a similar standard of living in two households as they did when they were in the same home.”
3. Check your emotions
“There are big problems when people decide they’re going to be real jerks,” said Wendy Olson-Brodeur, president of The Financial Divorce Specialist Inc. “You can find yourself a real hard-nosed litigation lawyer and fight for every drop of blood. That is going to cost a lot of money and you just don’t know what’s going to happen at the end of it.”
4. Don’t do stupid sh*t that you’ll pay for later
For example, don’t run out and max out your credit cards or spend all your money on a trip to Vegas with the boys because you’re assuming that half of it will be covered by your soon-to-be ex, Bergsma said. “Once you start into that vortex of conflict and everybody is out to get the other person, you can’t get off the train.”
5. Consider your options for the divorce process
In a divorce, people can self-represent; they can seek help from a mediator; or they can also choose a collaborative team that may include lawyers, mediators, counsellors, child specialists and a financial analyst. In Alberta, mediation can range from $300 to $700 per hour. The hourly rate for collaboration will likely be more, because you’re paying for multiple professionals. Meanwhile, certified divorce financial analysts may charge $150 to $300 an hour. “Spend a bit of money on the process in the beginning so you’re not spending a lot of money trying to fix it later on,” said Darren Gingras, chief executive of The Common Sense Divorce. (The average cost at The Common Sense divorce is $4,500 per person for the services of a team.) The Canadian Lawyer’s Legal Fees Survey estimates that a family trial of up to five days costs an average of $35,950.
DURING NEGOTIATIONS
6. Understand how much you may pay or receive in child support
Child support is mandated by the law and is based on custody. “The more time that a child is with one parent, the other parent is more responsible financially,” said Faisal Karmali, a certified divorce financial analyst at Popowich Karmali Advisory Group CIBC Wood Gundy. In the case of a full custody situation, an Ontario resident making $60,000, would pay $546 a month in child support for one child and $892 for two children. The final amount varies as determining income can become complicated if the calculation includes dividends, bonuses, corporate income, etc.
7. Be aware that spousal support is not a given
It is negotiable. For example, you may offer to give up an asset in lieu of spousal support payments, or agree to pay for a certain period of time. “If applicable, the amount and duration is negotiable. You may offer to pay a lump sum, make periodic payments — which can be reviewed at a future time — or pay a combination of both,” said Matthew Ball, president of Fairway Divorce Solutions, a dispute resolution company.
8. When you split up, you split everything, including debt
“I’m dealing with a young gal who’d been married maybe four years and found out that her spouse has an addiction problem with gambling. The debt keeps going up and up,” Olson-Brodeur said. “The problem is that the law doesn’t necessarily protect us. She will likely be responsible, from a legal perspective, for paying half of that debt back.”
9. Be mindful when choosing your half of the pie
Half today isn’t always half tomorrow. “Let’s say I’ve got a car worth $50,000 and a pension worth $50,000,” Olson-Brodeur said. “I agree to take the car while my spouse gets the pension. Guess who’s ahead in the long run? The pension as an asset grows over time while the car keeps devaluing.” Your assets may also have tax implications, such as taxes owing when you sell profitable equities.
10. Don’t anchor yourself to your home at all costs
“Divorce the house before you divorce the spouse,” Karmali said. “I’ve seen many people, primarily woman, who’ve stayed in a house they can’t afford … They may be giving up on other cash, retirement savings, education savings and, all of a sudden, they’re left with the expenses of taking care of a home and other expenses.”
11. Consult an expert about legal and financial issues
“Don’t make assumptions about the settlement before you have your facts,” Bergsma said. “The Internet is a wonderful place to look at picture of cute kittens. It’s a lousy place to get your legal information.” For example, you may assume that you will receive half your wife’s inheritance in a divorce, but it may be excluded from the division of property if it’s been kept in her name. Or you may be surprised when an Alberta judge uses the current date to determine the value of your assets. (Ontario courts use the date of separation.) Imagine having your day in court four years after you’ve separated and finding out that half of your savings from the last few years is going to pay for the debt that your soon-to-be-ex has since accumulated.
AFTER THE DIVORCE
12. Be aware and live within your means
“Many people (think): ‘I’m 40-years-old. I’m pressing the reset button. I refuse to move into a condo. I refuse to not have my Audi,’” Bergsma said. “People make poor choices because they’re emotionally hurt and they’re doing retail therapy, just with bigger numbers.” You also want to be prepared for the unexpected: for example, what if your ex injures himself, can no longer work and therefore does not have income to pay spousal support?
13. Don’t be afraid to revisit the agreement terms
Hopefully, this is done amicably if circumstances change. Some contracts are non-negotiable, others have time provisions written in so couples can revisit terms such as spousal support. “Right from the beginning, set up roads of negotiation because then after the agreement is done, if things need to be addressed, you’ve already got a process in place,” Gingras said. “Choosing a process that is amicable is better for the kids, better for your finances and, ultimately, better for you.”
Source: http://business.financialpost.com/personal-finance/managing-wealth/divorce-is-never-easy-and-your-heart-may-be-broken-but-that-doesnt-mean-your-wallet-needs-to-be-too
For most people, nothing in their life will be as expensive as their divorce.
Divorce is one of the most life-altering experiences to go through. It not only changes our relationship dynamics, but in most cases, it completely alters our lifestyle.
No matter how hard we've worked to live the life we've dreamed of, more often than not, divorces are financially devastating. Many people lose half or more of everything they've saved over the course of their life. This includes their home, their savings, their retirement, business and other investments.
If that isn't painful enough, divorcing people often see their income wither and their expenses explode. We cannot forget to factor in the outrageous expenses for attorney fees on both sides, with the higher earning partner often having to pay for half or more of the lower earning partner's fees. No doubt about it, divorce is usually bad news financially. Having said this, all is not lost. There is much we can to do improve our financial situation significantly post-divorce.
1. Try not to waste energy panicking.
Obviously, this is much easier said than done. Nonetheless, we must be diligent in making sure every ounce of our available energy is focused toward saving and rebuilding our finances wherever we can.
Worry wastes the valuable time and energy we need, and it keeps our minds too jumbled to find reasonable solutions. As powerless as we may feel, we are never powerless. Where there is the will, and a little creativity, there is a way. After a divorce, we have a multitude of choices to explore, so as bad as things may seem, we will certainly not end up on the streets. We must do all we can to shift our focus onto solutions and away from problems. This mental shift puts us into a proactive mindset, which has the immediate impact of changing our mood to hopeful.
2. Take inventory.
Because divorces are so twisting and confusing, it may be difficult to understand how or what is going to happen with our finances and investments. Remember that knowledge is power. We must do our research and gather the information necessary to know how to rebuild.
It is helpful to create spreadsheets, making a separate sheet for our varying incomes, another for our expenses and another for assets and liabilities. On each sheet enter the type of account, who owns it, what the rate is and the contact information for each institution. As we gain more information through the divorce process, we become clear on where and how things are going to land. This gives us a better idea on the areas where we need to stay conservative, and the areas where we can afford to take some calculated risks to start rebuilding. It's astonishing how empowering it is to have one place to go when we feel stressed and need an overview of our finances. Our spreadsheets provide us exactly that.
3. Balance your budget.
After a divorce it will undoubtedly take some time to adjust to the income/expense story of our new life. This isn't fun, but feeling resentful doesn't bring any less stress and nor does it bring us more freedom.
We must accept what is and work with what we have. If we feel unclear on the average amount we can spend, we should be more conservative and start keeping track until things become clear. This is the most important piece of financial information we have. With it, we'll know if we need to cut back and take on a heavier load at work to increase our income, or if our situation is stable enough where we can live within the means of what we currently have and still rebuild.
If we figure out that our spending exceeds our income, this situation is dire and must change immediately. We are better off knowing this information than pretending it doesn't exist and driving ourselves into an even deeper level of financial ruin.
4. Set up accounts correctly.
Resetting our lives in an organized and simple way can be confusing while we're traversing a divorce. It is important to count on our legal representatives to advise us on how to take over the title of our accounts, and also who the beneficiaries on our accounts should be.
This topic is especially important when it comes to dealing with retirement accounts. We must learn and familiarize ourselves with the rules on this, but we must also be mindful not to act as our own attorney. Good legal advice is key when it comes to the proper vesting and naming our beneficiaries. All these steps are what help to bring us back to a sense of normalcy, security and balance in our life.
5. Organize priorities.
The realities that come with divorce include huge doses of emotional shock and disbelief. When we're divorcing it can feel as if everything is coming at us all at once, which causes us tremendous anxiety. When we are full of anxiety we start thinking in terms of dooms day. This type of thinking is highly dangerous because it leads us into emotional shutdown.
If we determine that we don't have enough money to survive month to month, then first priority will need to be our budget. If need be, we must seek a financial advisor who will help us to save and grow our income. If money isn't our issue, we must turn our focus on increasing our finances, moving and creating our new life.
6. Pick your supports.
Divorce separates our friends and family just as it divides the marriage. It is vital to pick the people who support us unconditionally, and who we know will have our back no matter what.
Part of the pain of divorce is that we not only lose a marriage, but we also lose many of the friends that were made during the course of the marriage. If our ex is talking poorly about us to everyone we love and care for, we must do all we can to stay quiet and not fuel that fire. Those who are true to us will not believe everything they hear, and nor will they put us in a position to have to defend ourselves or our decision- making.
It can also be important to get into some form of therapy, or a divorce support group, especially if we have children who have been placed in the middle. Our community of support is what keeps us resilient.
7. Learn
By taking inventory, balancing our finances, organizing our priorities and establishing our supports, it helps to keep us moving forward even when we feel as if we don't have the energy.
It is hard not to let the stress of a divorce kill our motivation and faith in people. However, the more proactive we are, the more we learn, reflect and take care of ourselves the healthier we are when going through the divorce and the more easily we move on after the divorce. We must put all of our energy into not letting our divorce cause us to lose direction. We must force ourselves to focus on staying on task and moving in a new and positive direction. Our happiness and continued success, at the end of the day, becomes our greatest retribution.
Source: https://www.entrepreneur.com/article/307592
Are you recently single?
Join the club. (Just be thankful you didn’t experience it right at the beginning of Dry January.)
Anyway, you might be sitting on the couch crying with all of the lights in your apartment turned off. Or maybe you’re sipping champagne and painting your nails red (you do you, boo).
Either way, if you’re feeling confused, apathetic or just flat out have no idea what’s going to happen next, here’s something to feel relieved about: One thing you do have control over right now is your money.
6 Ways to Get Over a Breakup Without Going Broke
Even if you shared your finances, it’s still possible to take a step back and get them under control — you just need to implement a smart plan.
Here’s how to keep your financial situation together when you feel like the rest of your life is falling apart.
1. Re-evaluate Your Budget
Now that it’s just you, you’ll probably need to re-evaluate your budget as soon as possible.
My ex and I split groceries and bills, so my expenses almost doubled without him.
On the other hand, if the jerk was a freeloader, congratulations — you can now spend your money on something other than a waste of space.
By re-evaluating your budget, you can cut costs you can no longer afford and still manage to stay afloat without your freshly exiled human.
2. Think Twice Before You “Treat Yo’ Self”
We love the idea of treating yourself — but we don’t love how expensive it can get.
If you want to indulge in something like a spa day, Michelle Hung, chartered financial analyst and founder of The Sassy Investor, recommends doing it at home.
She recommends doing facials with some friends, stating face masks “can just cost a few dollars,” and also recommends doing manicures or pedicures at home or at a friend’s house.
Also you don’t need to go out and buy elaborate material goods to feel better — here are a few ways to treat yo’ self for free.
3. Put Down the Credit Card
After a breakup, you might want to go out and spend, spend, spend — because you deserve it, right?
By all means, if you can afford it, do it — but if you have to charge it, don’t you dare!
Financial coach Craig Dacy recommends figuring out what your budget allows you to spend and then going from there.
“If you decide $200 is something that makes sense in your budget, go and withdraw that money and keep it in cash,” Dacy says. “By having this money in cash, it is much more difficult to accidentally overspend because it is separated from your other money. When the cash is gone, you know that you have hit your limit.”
(Tip: If getting cash out of the bank is inconvenient for you, Hung recommends you purchase gift cards instead — when they run out, they run out!)
Credit cards can potentially have limits of thousands of dollars, which can entice you to overspend. Try putting your credit card in your sock drawer until the initial shock of the breakup wears off and you’re back in a position to make steady financial decisions.
4. When You Feel Like Spending, Write
Aside from writing down how you’re feeling about your recent life changes, you could also try writing when you feel like going out and spending money.
Hung tells her clients to write when they feel like spending money, mainly because seeing the costs on paper can clarify that they may be heading into a overspend spiral.
“Writing down and actually seeing the numbers is a really big wake up call,” Hung says. “It’s the same as when you look at your credit card bill, and you see everything add up — you might think, ‘Holy crap, did I really spend that much?’”
Writing down what you want to purchase before you actually do it can really put it into perspective for you. You can ask yourself: Does it fit into your budget? Do you really need these things? Are there cheaper alternatives?
It’s all about awareness.
5. Spend Time with Family and Friends
If you want to be around people during your healing time, make sure it’s with those who are close to you.
Your family and friends are the ones who can help you heal emotionally. In a time where you probably feel horrible, there’s nothing like sitting on the porch with your mom or going for a ride in the car with your best friend.
Talking is important during a healing process, and these are the people who want to listen to you.
Not only will they support you emotionally, these are also the people who might even be willing to buy you a beer or lunch without thinking twice. It’s okay to lean on friends every once in a while for these things — just don’t become a freeloader!
On the other hand, make sure you surround yourself with people who will keep you both emotionally and financially on track.
“Choosing your shopping buddy may not be the best person to lean on during this time,” Dacy explains. “Find someone that understands your financial goals and will help you move on without giving you the ‘you deserve it’ pep talk in the checkout line.”
6. Sell the Stuff That Makes You Think of Your Ex
If you know they’re gone for good, what’s the harm in selling things they gave you or left behind?
You could profit off of last year’s anniversary gift or last week’s spontaneous purchase at the Sunday market.
If you’re ready to make some extra cash off your breakup, check out these ways to sell your ex’s stuff.
(Side note: Just be sure you’re emotionally ready to let go of those items — that’s more important than making money from them!)
Source: https://www.thepennyhoarder.com/life/how-to-get-over-a-breakup-without-going-broke/?aff_id=2&aff_sub2=costs-of-life-after-divorce
No matter how rocky the divorce, if the household has children, both parents usually want to make sure the kids feel as secure as possible. Part of instilling that sense of security is discussing the family’s financial picture.
The finances for both soon-to-be ex-spouses will likely change. And usually not for the better, given that two households will be living on the same income that had been supporting one.
When a divorce hits a family with children, the average income of the household where the kids reside drops an average of 40% to 45% if the primary custodial parent, usually the mother, remains divorced for more than six years, according to the National Bureau of Economic Research. Moms who divorce or separate also land in poverty almost three times as often as those who stay married, according to a Family Research Council study.
Causes: the monetary value of spending time with children, as well as the lost salary and career impact, usually is not calculated in divorce settlements; and child support often falls short and further falls behind as children age and their needs increase.
How do parents explain this often-grim new economic reality to their children, particularly during such an emotional and vulnerable time?
If the kids are under 10 years old, simple expense-related explanations may be all that’s required if the children are staying in the same schools and home. “We’ll have to drop the karate classes for awhile, guys. But hey, let’s replace that time with some extra trips out to the park with friends.”
If schools are changing, perhaps because private tuition is no longer affordable, the conversation may need to be a little more creative. Such a move, like that to a new house or neighborhood, also will likely be a disappointment. Still, focus on the positive. “The school has a great gymnastics team. Our new house is a 10-minute drive to the beach.”
Teenagers might need to know specifics. If splitting up will change your financial picture radically — as it often does — the view in your kid’s mind may differ from reality, based on what he or she has seen provided to older siblings or peers in your neighborhood or school. Discuss how you will or will not be able to help pay their college tuition. Warn that a car might not be a birthday present this year, if that is an expectation among peers.
Creating a household budget that shows the sources of income and the expenses, both mandatory and optional, that all family members understand and take part in may be a worthwhile exercise. Perhaps provide the children, if they are old enough, with a budget in a spreadsheet. Going through the budget is also an opportunity to teach some valuable life lessons regarding financial responsibility and choices.
Mention that a part-time job could replace an allowance, and remember that earning money can be a tremendous source of confidence for your teen. Work with their growing need for independence, and help them figure out ways to get the things that they need or want that are not in the family budget.
Sometimes, a child may have to improvise to obtain something once thought to be a given. Encourage this. I know a child, a high school freshman, in advanced placement math, who felt she needed some tutoring, but money was tight after a divorce. So, the enterprising young woman started tutoring 6th- and 7th-grade students to pay for her own tutor.
Parents sometimes also may have to come up with alternative solutions. Consider the phenomenon of “nesting” children after a divorce. This term means that the kids get to live in the house, and the parents move in and out, as the custodial and visitation schedules allow. No more uprooting the children to see Dad, or Mom, at an apartment cross-town for the weekend or the summer. Dad comes back home for the weekend or longer. Mom moves out for the weekend or longer.
Maximum stability for children is the goal with nesting. It might also, however, lessen the possibility of one parent out-spoiling the other parent, an activity often referred to as Disney Dad syndrome in which non-custodial Dads take the kids on a vacation to Disney World while Mom takes them camping.
Adult-age children, meanwhile, might need to understand how an estate plan works, particularly if you have established trusts, or simply what’s in the will and its location.
They will need to know they are being taken care of, that the proper investment and banking vehicles are in place, and the arrangements treat everyone fairly.
Adult children also may need to be reassured, just like younger offspring, that the financial changes affecting one or both of their parents may be difficult, but manageable.
This communication will be important to establish now; if remarriage comes along, estate plans can get even trickier, and will likely need to be amended. Attitudes among the adult children at this time can become suspicious.
When the children are this age, particularly in wealthy families, a financial adviser might be present when the parents discuss these issues with the children. An adviser, projecting authority and confidence, can explain the particulars and provide assurances.
A practical issue that may not occur to parents to discuss with their children is the need for the parents to acquire life insurance. A parent’s obligation to support his or her minor children does not end with that parent’s death. Therefore, courts often require the parents to insure their ability to continue to meet their children’s financial obligations, in the event of that parent’s premature death. One could argue that talking about a parent’s possible demise does not lead to instilling security in a child, but when that child is old enough, it may be a conversation worth having.
Talk to your children about money in an age-appropriate manner, without papering over the truth. Be sensitive but not overly opaque. Parents probably already know that their kids, unless they are in their 20s or older, do not yet reason like an adult and tend to misinterpret, exaggerating both fears and hopes.
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Although divorce can often feel like a financial blow to both parents, it needn’t feel that way to their kids if communication with them is empathetic but also honest and if the children feel safe, secure, and loved.
Think of this time, too, as a perfect opportunity to teach your kids that although money is important as a tool, it isn’t everything. It’s quality time together, not the material stuff, that you and your children will remember.
Source: https://www.marketwatch.com/story/after-a-divorce-how-to-talk-to-the-kids-about-money-2016-05-26
