After the Dust Settles from your Divorce
It’s the morning after your divorce is finalized. You wake up and wonder, now what? Many people describe their divorce as the most stressful time in their life. They realize after the fact that they were in a fog during the divorce – keeping up with the emotional struggles during a divorce took up every bit of their energy. Many women say they didn’t fully understand the financial terms of their divorce because they weren’t in an emotional place where they could fully grasp the ramifications of their financial decisions during the divorce.
What should you do after the dust settles from your divorce?
The first step is to cast a long-term vision for yourself. Many people feel quite defeated after the divorce which makes the practice of keeping a long-term vision vital. From an emotional standpoint, we can feel more positive when focusing on where we are going as opposed to where we came from. We recommend that you spend some time asking yourself one question: When you envision your life three years after your divorce, what has to have happened, for you to feel happy about your progress? While this is a simple question, it is also very powerful. When you can define the progress you want to see over the next three years, you will likely establish a very powerful vision for yourself.
The second step is to get organized. Now that you have the divorce decree that stipulates how assets will be divided and how maintenance and/or child support will be paid, you can begin to create your financial plan. You can now start to decide how much should you be spending and saving each month. Can you afford your current home, or do you need to look at other options? While these questions can be scary, I believe the greatest treatment for fear is to have a plan in place. I see time and time again that my clients have such a huge sense of relief and confidence once they have a plan in place.
The third step is to make sure you have a solid support system to create your new life. Many of the people who helped you through your divorce (family, friends, therapists, etc.) will also be there to help you through this transitional time. There is likely the need to bring in new support as well. More than likely, you will need to find your own accountant and financial planner after the divorce. These are two key advisors to help you make the right decisions with your money.
Don’t worry if you feel you are underinformed and confused after your divorce. Many people feel this way. If you are feeling overwhelmed and would like to discuss these matters with a professional, we offer a free 30-minute call to answer your questions and help you create a post-divorce plan.
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