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 lives. They realize after the fact that they were in a fog during the divorce, and that keeping up with the mental and emotional struggles 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 a place where they could fully grasp the ramifications of their decisions during the process.
So, what should you do after the dust settles from your divorce?
Create a plan
The first step is to cast a long-term vision for yourself. Many people feel quite defeated after the divorce, which makes keeping a long-term vision vital. From an emotional standpoint, we can feel more positive when focusing on the future instead of dwelling on the past.
We recommend that you spend some time asking yourself one question:
When you envision your life three years after your divorce, what will have happened to make you 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 powerful vision and plan of action for your future self.
Get organized
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 start to decide how much you should be spending and saving each month. Can you afford your current home, or do you need to look at other options? How can you feasibly adhere to your new budget?
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 they can stick to.
Find your advocates and advisors
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. Accountants and financial planners, for instance, are two key advisors to help you make the right financial decisions after your divorce.
Talk to a professional
Don’t worry if you feel under-informed or confused after your divorce. Many people feel this way.
If you would like to discuss these matters with a professional, reach out to us at Purposeful Wealth Advisors. We’ll schedule a free 30-minute call to answer your questions and help you create a post-divorce plan.
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Opinions expressed are those of the author and are not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
