Divorce is a complex process, both emotionally, financially and legally. Yet, many couples stumble through their separation only to later regret their lack of focus. It is certainly not surprising since many feel sadness, fear and/or anxiety. Hardly the emotional state to be in when making important financial decisions. However, those that create a financial road map during divorce tend to feel better both emotionally and financially post-divorce.
So how do you set your focus on something that seems so unimportant at the time?
o Build your team – professionals, family and support group.
o Choose your legal path that works for your situation, whether it’s going it alone, hiring an attorney, using mediation or collaboration.
o Understand your financial picture really well (a financial professional can help).
o Gather all your important documents, from tax returns, bank, brokerage and retirement statements, pay stubs, insurance policies and all legal documents (such as Wills, pre-nuptial agreements).
o Try not to let emotions dictate your financial decisions, even if it prolongs the divorce process.
o Create a financial plan for after the divorce that you can live with.
The good news is studies have shown individuals that follow the above advice recover more quickly emotionally and financially after divorce than those that go through the divorce process haphazardly. While asking for help may be one of the toughest things you do during divorce, whether it’s emotional, financial or legal, it is the most important thing you can do for your future happiness.