Key Financial Strategies During Divorce
Navigating a divorce is a challenging time—emotionally, financially, and personally. During this time, you may be tempted to agree to terms that aren’t in your best interests because you want it to simply be over with as quickly as possible.
What you may not realize is that down the road, when you’re dealing with the ramifications of this decision, you’ll regret not putting yourself first. Yes, divorce is a stressful, trying time. But through it all, you must make sure you are putting steps in place to ensure your own financial well-being.
Take it from us: while the consequences of ignoring considerations around finances might take some time to realize, they could be devastating in the end. To make sure you’re making the right financial decisions during your divorce, consider the following key financial strategies.
Don't get bogged down by all the “what if” questions.
Whether your divorce is amicable or adversarial, having the right people by your side can make all the difference.
If you are questioning the legal aspects of divorce, make sure to get a lawyer who listens and makes sure your needs are being met.
In addition to your attorney, a certified divorce financial analyst can offer expertise concerning the effect divorce will have on your current and future financial health
If you are struggling to move forward with your divorce due to uncertainty, make a list of all the “what if” questions you have to get out of your head. Then talk to your people and get them answered throughout the process.
Know the budget.
As soon as you know divorce is inevitable, begin tracking your household income and expenses.
This will not only help build a budget post-divorce and negotiate a divide of assets and debts, but also help determine whether you can keep the house or afford other assets.
For many, one of the biggest money surprises found in divorce can be the costs of keeping the marital home. Most simply cannot sustain or afford a home that was previously supported by two incomes or, at least, by one income and one person managing the upkeep of the house.
While keeping the house might seem to be the right decision due to nostalgic reasons, you have to really look at your budget to identify how feasible it actually is.
Be open to possibilities.
Unless you’re independently wealthy or a celebrity, it’s likely your economic level will decrease because of divorce. The same income that ran one household is now running two.
On top of that, women (sigh) often don’t get paid the same as men for comparable work. Additionally, choosing to stay home to raise children does, in fact, have an impact on your career. While these are hard truths, they are not obstacles to happiness in your post-divorce life.
So, yes, while sometimes it’s not an option to keep the house or maintain your current lifestyle, if you commit to being open to options based on your current and desired financial situation, you will find that many more financial doors and possibilities will open to you.
Let go of the shame.
If you are feeling shame for getting a divorce, for letting yourself down, for not being as involved in the finances as you could have been…let it go.
Right now, you may not be aware of what your assets are or how to protect them, but this is a great opportunity to learn. Financial confidence can be a huge takeaway from the divorce process, one that will help you thrive post-divorce and beyond.
At the Women’s Financial Wellness Center, our certified financial analysts give you the legal, financial, and emotional support you need to gain peace of mind!
Experience one-on-one personalized financial coaching, get connected to the right family law attorney and save on legal fees, attend a virtual retreat to connect with other divorced women, learn about holistic money wellness, and find hope during the storm.
The BRIDGE™ Experience: Disrupting Divorce for Women Like You
Not sure what to do next? Let me walk you through it, step by step, in BRIDGE™—your path to financial clarity and a fair divorce settlement in six months or less. You’ll learn how to stand tall, confident, and unyielding in the coming months. Your ex may expect to give you less, but we're here to show you that you deserve more. 💪
