The other day, I was speaking with someone and a lot of emotions around the financial decisions of her divorce came up. There was a lot of fear, uncertainty, and a deep desire to “do it right.” What’s more, her soon-to-be ex-husband managed the money while she stayed at home with their children, so she’s uncomfortable making financial decisions for herself now.
She’s researched, but it’s left her even more confused. Where does she start? What’s important? Can she stay in her house? She doesn’t want the process to be litigious, but she wants to feel confident that she’s making the right decisions and doing the right thing.
I see that with a lot of couples who come to me. One person has managed the money throughout the life of the relationship and then, when a divorce or dissolution happens, the other partner has to quickly learn a lot of information to make big financial decisions.
There’s a lot of late nights spent...
When you are generally in good health, you don’t need to see a cardiologist. Your family doctor can handle your needs. However, when you have a serious heart problem, you see a specialist because they have the training and experience to provide you with the best advice. It’s the same thing when it comes to your finances. When everything is fairly status quo, working with a traditional financial advisor is great. However, when you’re going through a divorce or have recently come out on the other side, you need financial advice from a specialist.
People think their attorneys should know these things to get them the best settlement. The reality of the situation is: the attorney doesn’t necessarily know any better. It isn’t because they’re trying to harm you, many of them truly don’t know any better because they’re not numbers people; that’s not their specialty. You wouldn’t seek out an attorney for medical advice, would...
Change can be difficult whether you choose to make changes in your life or someone else has made that choice for you. Let's face it. Divorce changes many facets of your life and will test your ability to handle change to an extreme.
Some people struggle more than others with change. They fight it, they avoid it, fear it, and sometimes feel guilty about it. These notions would make anyone want to keep things as same as possible. One would think that only adrenaline junkies and dysfunctional people would want to disrupt what could be a perfectly normal situation for something that could be worse. Keep in mind that the situation could be better.
If you've been in an unhappy marriage, your divorce can bring about a lot of positive change in your life. I remember how real the fear was when I was going through my own divorce. I had fears about parenting and about money and about basic things like taking care of the house. As it turned out, when I committed to dealing with the changes I...
If you are struggling financially after a divorce, you're not alone. Going from one combined household to two separate ones is expensive regardless of your income or divorce settlement. With a little focus, though, you should be back on track in no time.
Consider the following steps to recover your financial situation more quickly.
The most important thing that you can do is to prioritize improving your financial situation. Sure, you may recognize that your finances are not what they once were, but if you don't take the steps to change your situation, you'll find yourself in the same spot months or even years from now.
Decide to start immediately. You'll thank yourself later.
Once you've made improving your financial situation a priority, it's important to know where to start. Take the time to write down all of your...