Money More Important Than Kids In Divorce, Survey Finds

I came across an interesting survey this week that found that money is by far the most important issue in the divorce process. There's nothing too surprising about money being an important issue for divorcing couples -- it has long been said that arguments about money are key factors leading to the break-up of a marriage in the first place. But what surprised me about this survey was how low a priority was given to children.

The survey of 2,100 Canadians on the website Divorcechoices.com found that 94% of respondents believed money was the most important factor to them in the divorce process. Only 3% said kids were the most important factor, followed by the emotional aspect and legal issues, both on 1%.

Now I know that not all divorcing coupled have kids to worry about, but even taking that into account, 3% seems rather low. Or perhaps the divorcing couples have already come to an agreement about custody and the kids' emotional welfare and only have money left to argue about. Who knows? What is clear, is that money is a huge concern for divorcing couples -- and I'm not just talking about settlements -- I'm talking about the cost of getting a divorce as well.

"Our poll underscores the importance of creating and following a financial plan while negotiating a divorce," says Jackie Ramler, Financial specialist for the Ontario Association of Family Mediation and Collaborative Practice Simcoe. "Some couples will suffer and stay together because they can't afford a divorce, others will be financially ruined because of a divorce."

Jackie says that it is possible to get a divorce and stay financially afloat, a point which she makes in her new book, The Joy of an Ex!, which looks at the four issues in the poll.

According to DivorceChoices.com, there are 30 top financial issues that divorcing couples should understand in order to get through the process without devastating their bank accounts. Some of these issues include saving for a divorce, what to do with insurance policies, and tax returns. You can download a copy of the document here.

And for those who are concerned about the kids, the website also has resources to help guide concerned parents and their children through the process.