Author: Divorcing women shouldn't focus on house

By HELEN HUNTLEY
Published October 24, 2005

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Don't get your heart set on hanging on to the house. That's financial planner Cheryl Burbano's advice for women going through divorce. Since the equity in the house is often the couple's largest asset, the woman who claims it may get nothing else, she said.

"Then the dust settles after the divorce and they find out the maintenance on the house, taxes, insurance and so forth are beyond their household budget, so it's not realistic to keep the house anyway," she said.

Burbano, who is affiliated with Ameriprise Financial Services in Wesley Chapel, tells women to put their emotions aside when reviewing their finances, especially during an emotional time like divorce.

"Visualize yourself as the chief financial officer of Your Family Inc.," she tells them. That's the kind of advice Burbano dispenses in a chapter she contributed to Larstan's The Black Book on Personal Finance. Last week she was in New York promoting the new book from Larstan Publishing and talking about women's financial needs.

Another key tip for those who are divorcing: If you're counting on support payments, be sure your soon-to-be ex has disability insurance and life insurance naming you as the owner and beneficiary.