Marriage can be the most joyous occasion of one’s life, filled with bright hopes for the future that you will share with your partner. For many people, unfortunately, separation and divorce may come along to disrupt the future they had in mind. When planning anything in life, you have to plan for both the good and bad times, and financial advisors can offer invaluable advice in these areas. If you’re looking for solid financial advice in Riverside or San Bernardino, we have dedicated advisors in both areas.

Here’s a brief glimpse at some of the wisdom to be obtained from financial advisors in these situations:

Marriage Guidance

couples and finances

Talk About Money

Being open about your financial situation should be a priority from the very beginning of your union. Talk openly about your spending habits, debt status, future purchases you hope to make, as well as all your desires and dreams. You don’t have to always agree on things, but being open makes the way forward a whole lot easier.

Joint Or Separate Accounts?

You need to come to an agreement on how you will be conducting your bank accounts. Will you want shared accounts, or will you prefer to keep them separate? If separate, who will be paying for what? Don’t assume to be on the same page as your partner about these types of matters, as they can lead to resentment down the road.

Formulate Your Budget

A balanced budget is at the foundation of a secure marriage. You need to figure out your needs and expenses in advance. Should you find yourselves at a shortfall, look into alternative income possibilities, or consider cutting back on some non-essentials.

Make Plans For Emergencies

If you have some money left after your budget is well taken care of, it would then be wise to make your contingency plans. Life is full of surprises, so it’s best to be prepared for any sudden reversals in fortune. A sudden job loss, illness, injury, home expenses, and vehicle repairs; they all should be considered real possibilities in your future, and arrangements should be made for them accordingly.

Divorce Guidance

money and divorce

List Your Assets

Write down all the assets you own, inclusive of what your current finances state. You will need to figure out exactly who will own what after the divorce and from there, figure out whether you will have enough to live on. Your assets and income will determine your post-divorce quality of life.

Handle Any Liabilities

Should you have any shared outstanding debt obligations, you should table them in divorce proceedings so that those obligations might either be settled outright, or a plan of action formulated. Knowing what liabilities will fall upon you personally will make it possible for you to plan your budget accordingly.

Spousal And Child Support

Will you be paying out, or receiving child or spousal support? This will have an effect on your finances as you move on, so it must be taken into account.

Understand Any Changes In Benefits

You will need to figure out how your divorce will impact the benefits you were eligible for while you were married. Of special importance will be how this affects any benefits your children were qualified for. Whose healthcare coverage will the children be placed under? You will need to delve deep into these questions.


In life, it’s always better to be constantly looking forward, and realizing that bad things can happen along with the good. We cannot change the past, but the future can be planned for, if not controlled. A qualified financial advisor can play a vital role in getting you ready for the next step in life, and thus help you move forward with some peace of mind.