Divorce impacts you both financially and emotionally. You probably know you need to connect with support from friends and loved ones to let go of the pain you have from the end of your marriage and move on to happier circumstances. What you may not think of is the need for help with recovering from the financial devastation so common after divorce.
Too many people wait until after their divorce is over to think about its financial implications. However, divorce can be as devastating financially as it is emotionally. The right approach to financial planning during and after a divorce can set you up for a better future and disentangle yourself from your ex.
Try to keep the divorce expenses minimal
One of the reasons divorce can be so financially difficult is that people expend huge amounts of money litigating with their ex. Many times, litigation efforts are the result of anger and resentment, not of realistic expectations.
Talking with an attorney early about how Pennsylvania usually handles custody and property division can help you set realistic goals for your divorce. You may even want to consider whether you and your ex can resolve outstanding issues between your attorneys or with the help of a third-party professional, like a mediator.
Make sure you have all of the pertinent financial paperwork
Divorce necessitates a careful examination of your household assets, income and spending habits. Going over financial records can help ensure that you get your fair share of marital assets in the divorce. You can locate and close or temporarily freeze all bank accounts and revolving lines of credit if you worry about dissipation or other unethical behavior on the part of your ex.
This process will also make you reflect on your retirement or legacy hopes while also helping you identify problematic spending habits that you have so that you take more control over your behavior in the future.
Finally, gathering those records and your divorce documents will put you in the perfect position to sit down with a financial adviser and strategize for the future and retirement you want. A good financial outcome from divorce depends on careful planning, controlling your emotional responses and getting the right help early in the process.
