Financial Planning After a Divorce
A divorce is no easy feat. It’s not like you can just pick up your belongings and move on. It’s a lot more difficult to end a relationship when you’re married. You have to go through a huge process, which involves splitting assets, understanding your financial situation, and possibly moving out of the marital home.
Women often get the short end of the stick in a divorce. Many are stay at home mothers who are suddenly seeing their lives turned upside down. Some do work outside of the home but have little knowledge of their financial situation because their spouse paid all the bills in the marriage. Because of this, many women end up poor and even homeless after a divorce.
Once you divorce, you’ll be on your own when it comes to managing your money. This can put you in a challenging position. You may be especially caught off guard if you divorce later in life and are suddenly put in charge of your own finances.
Divorce can be a huge transition for women. Even if you wanted the divorce, you may be ill-prepared for what the future holds. Here’s how you can manage the transition.
Get Support
Find some financial savvy friends or family members who can offer advice and help you find financial advisors who can guide you. It’s even better if your support team has experience with investing or estate planning.
Assemble Your Team
Besides your divorce lawyer, you will also need a financial advisor and tax advisor, such as a CPA. Do not delay financial planning but do not focus on investing right away. Get several recommendations of advisors who can help you accomplish your goals.
Get Organized
Before you meet with a financial advisor, there are some things you can do to get organized. Gather key documents such as bank statements, tax returns, loan documents, health insurance policies, life insurance policies, and Social Security statements. If necessary, update your information, including beneficiaries. Also, you will want to create an inventory of all your accounts, including bank accounts to recurring bills.
Stay on Track
The first year or so after a divorce is the most difficult. You are adjusting to a new life on your own. You may want to avoid making major decisions, such as selling your marital home. Have a financial plan in place. Get a budget together and keep on track. Find ways to earn more income so you can keep the bills paid.
Seek Legal Help
Going from married life to a single woman is not easy, especially for those who earned limited income or did not work at all. However, you need to get your money under control after a divorce. You will be on your own and nobody else will do it for you.
Get the help you need from Fort Lauderdale divorce lawyer Edward J. Jennings, P.A. We can provide you with legal advice and resources to guide you through post-divorce life. Get your finances under control with our help. Call 954-764-4330 or fill out the online form to schedule a consultation.
Source:
morganstanley.com/articles/financial-planning-women-divorce-death-spouse
