3.20 - Summary of Dealing with Financial Separation
Here is a summary of some of the things we discussed in this section.
- Separation is a process. Over time, separation affects a person’s physical, mental, emotional and financial health.
- The financial impact of separation for each person is different. After separation, the path to economic stability is likely to be different for each spouse or partner
- Parents need to be sure to make financial decisions that are in the best interests of the children.
- Children learn by observation and example. It is important not to put children in the middle of parental conflict involving financial issues.
- Separating partners need to create two financially separate households, and to establish plans for spousal or partner support, and property division.
- Destructive anger and ongoing resentment can follow a separation. When there is stress and financial inequality, a power imbalance may lead to financial abuse.
- Talking about money matters can be difficult. Be prepared to help create positive communications. Build a business-like relationship when talking about financial issues.
- It is important to, where possible, work together to deal with the everyday financial needs and unexpected expenses for your children or find ways to separately handle these matters by working through professionals or friends or having detailed orders or agreements in writing to refer to.
- Staying focused on your children’s needs and involving each other in the decision-making are helpful strategies.