After Divorce Financial Security

  Posted on March 4, 2016

After divorce financial security is a common concern. The best way to ensure your financial future is to roll up your shirt sleeves and become very familiar with the financial issues. This will be intimidating even if you handle the family finances. If you have not paid the bills, you may feel paralyzed. Remember, you can do this. You are smart and capable. However, you are under a lot of stress and therefore may not be thinking clearly. I recommend every person in divorce should be working with a professional therapist. Yes, this will cost you some money. Think of it as an investment in yourself and your future.

If you have a financial planner, CPA, financially savvy friend or family member, talk with them to become familiar with the family finances and basic financial issues. The internet is a great resource. Google divorce and alimony, child support and any other combinations of words that make sense. If you educate your self about the finances of divorce, you will feel more calm.

Gather copies of financial statements and compile a list of what you own and owe. Begin tracking your spending. This is really critical because you need to know what you spend so you can understand what amount of money you need each month to live comfortably.

It is critically important you do not accept an proposed settlement just to "get it over". The decisions you make at this time will affect you for the rest of your life. Consider not only what you need today but, think about 5, 10 or 15 years into the future. What will you need? What about inflation? Take the time to understand the numbers and confirm your after divorce financial security.

Posted in: