Planning for a divorce in ten years can be difficult, particularly if the homemaker spouse stays home. Not only will she not be able to earn the same income as she did before, but she will also rely on her spouse for daily routine. With kids in school, after school activities, birthday parties, and religious lessons, she is constantly busy. A divorce at this time can be traumatic. Planning for a divorce in ten years can help you avoid a bitter divorce by planning ahead.
One of the biggest stressors of a divorce is financial issues. Having a financial planner in your corner will ensure that you make smart decisions. A financial planner can also help you review your insurance policies to make sure they are still appropriate. Using local insurance brokers can help you find the best coverage and rates for your policies. Make sure you have an emergency fund to help with any unexpected expenses. If your spouse has already incurred debts in the marriage, you may want to pause your debt snowball.
Once your children are out of the house, you may need to think about what you’ll do with any assets you’ve accumulated. Will you split your assets? Will you share the children’s inheritance? Who will keep them safe? What about their children? Will they need a separate home? Whether or not your ex will be the primary caregiver for your children is a big question that you should discuss with your lawyer.