Will I have enough money after my divorce?

One of the greatest worries that people have when they are going through a divorce is not having enough money after the divorce. This is not surprising since *women’s household incomes drop by 41% and men’s household income by 23% following divorce after age 50. While this is a major danger (especially for women), there are ways to avoid this problem.

Many people want to get divorced as quickly as possible. Also, many people report they were in a major fog and not able to think clearly during the divorce process. The combination of a quick divorce while having lack of clarity can be disastrous. The good news is there are some specific steps you can take to make sure this doesn’t happen to you.

Slow down. The average divorce is complete in a year (from the time a spouse files for divorce until the divorce is finalized). There is nothing wrong with slowing down the pace so the divorce takes up to two years to be complete. It is really important that you understand both the short and long-term ramifications of your divorce settlement.

Develop a support network. Because many people can be paralyzed with the emotional turmoil of the divorce, it can be hard to have clarity to make the best decisions during the divorce process. It is important to have a great attorney, a financial planner or accountant, and a smart and truthful friend to guide you through the decisions of your divorce.

Keep your eye on the most important goals for your divorce. So much time and energy can be wasted on fighting over the “small stuff” in a divorce. I encourage my clients to think about a vision for their ideal life three years after the divorce and to think about what needs to happen to reach this vision. This will give you a filter through which you can consider your decisions during a divorce and then be able to avoid spending time and energy fighting on things that will not ultimately bring to your end goal.

While all these ideas are somewhat simple, they can have a tremendous positive impact on the outcome of your divorce

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*cited source  https://www.merrilledge.com/article/life-after-divorce-finances-women

Raymond James and its advisors do not provide legal advice. You should consult with the appropriate legal professional in regards to you specific situation.