Every June, thousands of couples flock to tie the proverbial knot. But June also is the month in which most divorces become final.
Divorce can be devastating -- emotionally and financially. Yet, many new divorcees ignore the need for financial planning, says IDS Financial Services.
With that in mind, the company offers the following tips:
* If you have joint credit cards, have them canceled. Some people run up huge credit-card debts to get even with a spouse.
* Negotiate not only who gets the house and the car, but who takes any capital gain on the sale of the home or other securities. You can even dicker for the tax deduction on the children.
* Monitor your expenses. Set new financial goals and prepare a new financial plan to achieve them.
* Re-establish credit in your own name. Many people have trouble getting credit after a divorce, especially women.
* Do nothing rash. Wait at least six months before making major financial decisions.