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January referred to as 'Divorce Month.' Here's what to know to be prepared

Posted: 1:19 PM, Jan 26, 2020
Updated: 2020-01-26 22:33:05-05
Breakups, separations and divorces spike in January

(WXYZ) — January is sometimes referred to as "divorce month" because some lawyers say filings tend to jump after the holidays.

Lisa Nederlander had her own experience with divorce in 2011, but the local realtor really started taking notice of friends and clients who were going through the same thing. However, often times they didn't have a complete picture of their finances.

"I knew how traumatic it was to focus on family, future and finances," Nederlander said. "It's very difficult and you're not prepared for that when you go into it. What I found that people going through the trauma weren't focused on the things that were going to help them take care of themselves."

That's why she encourages everyone to always have a handle on household finances since you never know what the future holds.

Nederlander says you should be concerned with things like how much is it to heat the house, how much are real estate taxes, how much does it cost to refinance that home, are you qualified to do that because you may have credit cards and accounts in a joint name.

"You really need to know how much you're making even how much your little costs are," she said. "How much is it going to cost to buy a home or stay in a home."

Andy Bass of financial advisory firm Telemus in Southfield says it has added services to help someone on that journey. He says it's important to get an early start.

"Understand what resources you anticipate having after a divorce, (and) what lifestyle that means you can afford," Bass said. "Make sure your risks are all covered, have the right insurances in place to cover yourself and your children."

Nederlander who speaks at events and shares this message adds, "It's a really important subject for people to be aware of. Life is so busy and you're caught up in yet, but then all of a sudden something like this happens and it's traumatic and you're kind of out in the sea. It's good to do it now if you can."

For more information on Telemus, go to: https://telemus.com. And for more information on Nederlander, go to https://www.lisanederlander.com/.