The process of divorce can certainly be complex. Much planning and forethought are invested into this life-changing process. For many, this planning helps to ensure that both spouses remain financially healthy throughout the divorce process and obtain a fair settlement at the end of it. With the aid of an experienced family law attorney, couples can navigate the legal aspects of the divorce process as successfully as possible.
What can be done, however, to change one’s financial circumstances once a divorce is finalized? Plenty, according to many leading specialists in the financial planning industry.
After the Divorce: Where to Begin
Once your finances have been separated from your former spouse’s, it becomes increasingly important to invest your money in the right places. Consider hiring an experienced financial advisor that is well matched with your personality so they can work alongside you in your financial affairs in order to acheive your long-term goals. Additionally, if you haven’t been stockpiling a portion of your earnings into a separate savings account, now is the time to start.
You will also want to update the records of your insurance, taxes, bills, mortgage, and other files by removing your ex-spouse’s name on each of them. Failing to do this may result in some sticky financial challenges down the road.
Picking Up the Pieces
As you restructure your new single life, you may or may not have to make significant changes to your lifestyle. For example, if your former spouse has retained ownership of your marital home, you may have to adjust to the unique expenses associated with your new home. This is a common life experience. As you are adjusting, remember that starting a post-married life and launching a new business have one major thing in common – they both require invested time and funds in order to make a profit.
Having a plan is crucial to the reorganization process as well. Simple three-goal plans usually work the best. Talk with your financial advisor to determine which goals are best for you to focus on, whether it’s education, paying off the mortgage, or international travel. Then, focus on what you can control. You can’t do anything about the general behavior of the stock market, but you can protect your assets and intelligently manage financial risks. Don’t forget to invest in yourself, too! An occasional indulgence such as learning a new skill or going to a social event can do one a lot of good in building confidence.
A New Chapter in Life’s Book
Rebuilding yourself after a divorce requires strenuous effort, but is also rewarding when it’s given the right opportunity. By planning ahead, making gradual investments for the future, and heeding the advice of experienced professionals, you can chart your course to a good start that brings better days ahead.
If you have any questions regarding the legal matters of your finances in your family law case, it wouldn’t hurt to talk with your attorney about them alongside your financial advisor. These professionals are invested in your interest and will work together to achieve the goals you’ve been working to realize.