Divorce is difficult for both parties. It is an emotionally exhausting experience that impacts the entire family. Taking steps to protect your finances is one of the most important things you can do during this time. Many people do not know where to turn for advice, so we have compiled a list of 4 steps to help you.
Speak to a Financial Planner
It is not unusual to find that one spouse managed all the finances and the other is naïve about the family’s financial accounts. Find a certified divorce financial analyst that will help you understand which steps you should take to ensure your financial stability during this time.
Take Your Time Dividing Assets
Many people want the process over quickly and make hasty decisions that may lead to regret later. Take your time considering how assets should be divided and ask important questions. Can you really afford to keep the house? Should you both co-own the house until it can be sold? There are many things to consider, and it is important to make sure you fully understand your options.
[Related: Heather Cooper and Lean Nathan on Divorce for Moms]
Get a New Investment Plan
When the divorce is final, create a new investment plan based on your new goals and needs. This will allow you to plan and make strides toward financial security.
Keep Your Finances Flexible
For the first year after your divorce, there will be many adjustments. While you settle into a single lifestyle, there will be new costs, some of them unexpected. This means your investment plan will need to be adjusted. It’s usually a good idea to avoid any large purchases. Instead, focus on the future and the financial goals that you have set for yourself.
Divorce is a difficult time for all, but these steps will help you alleviate some of the stress during this ordeal. If you are considering a divorce, contact Cooper Ginsberg Gray Family Law and let us help you through this difficult time.