Last week, our blog began discussing how even though the prospect of starting a new life post-divorce can undoubtedly be exhilarating, it eventually become somewhat disconcerting at least as far as money is concerned. That’s because the newly divorced person may find out after only a few months — or even weeks — they are not as financially comfortable as they hoped they would be.
We also discussed, however, that those who find themselves in this situation needn’t despair, as experts have identified some relatively simple steps that the newly divorced can take to help improve their post-divorce financial lives.
In today’s post, we’ll continue this discussion.
Identify your objectives and act accordingly
Experts indicate that once a person has completed the steps of creating a financial inventory and/or establishing a budget, there’s a chance that they may not necessarily be thrilled with everything they’ve learned.
While this is a common occurrence, experts warn that the newly divorced must remain proactive and avoid the inaction that can result from feeling overwhelmed. For example, if you discover that you are still struggling to balance your monthly budget despite making minor adjustments, explore the possibility of making more significant adjustments, or even finding new or alternate employment.
If maintaining a balanced budget isn’t an issue or once financial worries are resolved, experts advise newly divorced spouses to next devise a list of their long-term financial objectives.
Assemble a trusted team
Armed with this list, experts recommend that the newly divorced ensure that they have the right people by their side who can help them take the necessary steps to see their objectives realized.
While they are likely well acquainted with an attorney or law firm due to their recent divorce, experts urge people to also explore retaining the services of a tax expert and financial planner to assist them going forward.
Keep learning and stay committed
Thanks to the hectic pace of everyday life, it can be easy to put the post-divorce list of objectives on the backburner or even just cast it aside after certain realities change.
In light of this reality, experts urge the newly divorced to remain engaged in the process, taking time out of their schedules to learn more about anything related to their long-term financial goals (webinars, books, podcasts, etc.) and reexamining their list of objectives with their aforementioned trusted team whenever necessary.
Please consider speaking with an experienced legal professional if you are considering a divorce, and have questions or concerns relating to financial matters.