2.21 - Summary of Your Financial Picture
Let’s summarize the information you learned in this section
- Often, one person is not as knowledgeable as the other parent about the finances, but both need to understand their financial picture.
- It takes more financial resources to operate two households, compared to just one.
- Taking stock of your own attitudes and behaviors about money will help you to understand your finances and your role in managing them. It will also help you identify areas where you may need help.
- Assessing your money personality and that of your former partner can help you understand each other’s perspective and create a better plan for the future.
- Preparing a balance sheet shows your net worth and is helpful when dividing family assets.
- Preparing a monthly income statement or monthly budget is essential when dealing with issues of child support and it helps you manage your finances.
Former partners need to understand how to assess and organize the payment of community debts and how to resolve any debt issues.