Divorce has many challenges, and one of the most difficult is dividing financial and material assets.
Add to it a change in routine, relocation, awkward loss of friendships, and parenting issues. One way to help alleviate some of this stress is to plan your finances to help you prepare for life after divorce.
Planning your finances for your life after divorce is important for both men and women. In a recent study, it was discovered that 95% of women do not consult a financial planner while going through a divorce, largely due to the fact that they are not aware of how much money this can save them in the long run. The study also revealed that 68% of women wished they used one after the fact.
A financial planner provides value to you as you go through divorce in a few ways. They can help you evaluate your current assets and expenses to help you with the division of assets. They can even help you discover assets that you may not have known could be considered marital property such as jewelry, bank accounts or college savings accounts. Make sure you are prepared with a list of your known assets and any questions you have regarding what else might be considered marital property. When in doubt, just ask.
Another key value that a financial planner brings to the table is that they can help you understand what your cost of living will be post-divorce. Whether you were already working or a stay-at-home parent, your financial situation is going to change. You should discuss your plan with your financial planner. Things to talk about include where you will live, employment status, upcoming large purchases on the horizon, etc. You want to make sure that you have a plan for the next phase of life, and a financial planner can help you with that.
With all the changes going on for you it might be hard to think about the future, but it is necessary. You need to make sure that you will be able to support yourself and your family after divorce. It may sound intimidating, but if you have a plan you will be setting yourself up for success.
We want to help you be as prepared as possible as you begin the divorce process. Our goal is to help you go from chaos to clarity in your current situation and come out ready to take on the next phase of your life. Get started today by scheduling your consultation with one of our Attorneys for Divorce.