smart spending

Negotiating a divorce settlement

Gluttony
Gluttony | Fertnig/Getty Images

Gluttony

Gluttony means over-indulgence to the point of extravagance or waste.

"We have seen many clients enter divorce proceedings with bloated expenses or, even worse, no clue what they are spending or where they are spending it,'' says Reckers. "Some are over-indulging in wealth items such as vacations, jewelry or expensive clothes."

Pearson, of Legend Financial Advisors, adds she has been involved in situations "where the wife or husband want to divorce, hasn't told the other party, and starts spending down the couple's assets."

Often this gluttony boils over into post-divorce life as well. Taking control of your budget will be the most important step in your transition after a divorce. Failure to do so can result in financial ruin for those who lack the skills and experience to earn the kind of living that would fund their desired lifestyle.

Avoiding financial gluttony can require lifestyle changes, but you can be rewarded with a prosperous financial future.

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