The financial stress from a divorce ranks up there with the death of a loved one. A divorce didn’t happen overnight, so recovering from it financially won’t either.
The first thing we should mention is to make sure you and your spouse divorce using the collaborative divorce process and a neutral financial mediator.
The collaborative process brings financial privacy, amicable agreements and planning for the future once your divorce is finalized by utilizing a financial divorce specialist who can help both you and your spouse understand your financial landscape pre- and post-divorce.
Here are a few tips a financial neutral will often share with divorcing couples on how they can recover financially after their collaborative divorce has been finalized:
- Work to develop a post-divorce budget and retirement plan before finalizing your divorce
- Steer clear of emotional spending – don’t buy high-ticket items to numb your emotions – that will help the emotional healing process
- Determine what debts you want to pay off first or send extra funds to – often, we suggest the highest interest rate or the smallest debt amount first
- Do the work it takes to heal and move forward emotionally
- Do not make decisions in a heightened emotional mindset
When you enter the divorce process, be transparent, truthful and forthcoming with financial information and utilize a financial neutral – it sets the stage for an amicable divorce.
Reviewing a couple’s financial portfolio from a neutral position allows both spouses to freely and thoroughly share everything in a neutral environment due to the pre-agreed upon transparency.
A Better DivorceTM is an interdisciplinary group of professionals committed to non-court, non-confrontational solutions for family law matters.
Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental health or tax professional to determine what will work best for your situation.