Kathleen A. Miller, MBA is a Certified Financial Planner and author of Fair Share Divorce for Women, Second Edition. She is the president and founder of Miller Advisors, Inc., a wealth management firm in Kirkland, Washington and has developed expertise in how relationships affect our attitudes toward wealth and money. Her firm has helped clients solve a diverse set of financial problems through integrated tax, retirement cash flow strategies and estate planning for more than 25 years. Kathleen was named one of the Top Wealth Managers in the United States by Worth Magazine in 2007 and again in 2008.

Kathleen Miller--

More than a million women face divorce in the United States each year. Most of them approach the end of their marriages emotionally and pay little attention to the financial implications that they will face as a single person. That approach can be disastrous.

Studies show that a woman's standard of living drops following a divorce. In addition, divorced women with children are particularly vulnerable to bankruptcy. Research by Harvard law professor Elizabeth Warren showed that the bankruptcy rate for a single woman with kids is nearly triple that of a single man. If you are a woman facing divorce you can beat this trap by looking for financial help and developing a plan for moving forward. It is never too late to take charge of your own divorce, no matter where you are in the process.

The first step is to get organized. If you and your former spouse used the same professional advisors such as accountants and financial planners, ask your friends or business associates for a recommendation to another professional . Next, spend time organizing your documents and creating a realistic budget. I’ve developed a checklist of items you will want to find and organize. This level of organization will help your advisors be more efficient with your time and may save you attorney fees and time. It also will begin the process of empowering you with financial decisions and allow you to control your divorce.

Next, develop a reasonable budget to support you and your children during the divorce and afterwards. Document your historical spending but focus on what you will need in the future. Your financial needs change after divorce. For example, you may need to budget additional money for housing or day care. Your transportation costs may change if you and your ex live further away from each other and need to shuttle your children between two homes.

A post-divorce budget is the only reliable way to forecast future expense and income needs in order to file an accurate Financial Declaration with the court, and creating this budget is much easier knowing the pre-divorce budget. It is impossible to evaluate settlement options realistically without this estimate of post-divorce income and expenses .

If you take charge of this process, you will be able to manage each stage of your divorce and save money on your legal fees. You will also be able to move forward in your life with confidence. Divorce is rarely easy, but it can be an empowering experience if you are willing to get organized, work with a team and take responsibility for your post-divorce life. The time to start is now.

Divorce And Social Security Benefits

Update on Aug 9, 2008 by At Basil & Spice

Wall Street Journal!