When Divorce Happens

When Divorce Happens

May 21, 2020 |

Written By Advisor
2 Minute Read
2 Minute Read

Going through a divorce can be difficult, no matter the reason, because it represents loss. Not just the loss of a relationship, but also the loss of shared dreams and commitments. The process can turn your world ―and the world of everyone involved― upside down, but there are ways to help you chart a new course for your life.

Understand that your feelings are normal.

You may feel sad, angry, frustrated, or exhausted. Maybe, you are anxious about the future. Whether or not this is a new situation for you, these feelings may be intense. Accept that they are normal, and will lessen over time.

Take Care of Yourself.

Be good to yourself emotionally and physically. Take time to exercise, eat well, and relax. Stick to your normal routine as best as you can and avoid rushing to make major changes to any life plans.

Be flexible.

If you have children, it’s important to maintain family traditions. Instead of avoiding activities, take the opportunity to adjust them to fit your new life and fuel new family traditions.

Think positive.

Be patient with yourself. Moving forward with reasonable expectations will help to make your transition easier.

Financial tips

Develop and stick to a budget. Learn to live within your means, balance your checkbook, cut costs, and pay your bills on time.
Take charge. Acquire new financial knowledge and skills, educate yourself, and become familiar with the financial basics.
Avoid knee-jerk financial decisions. Take the time to understand and evaluate your options.
Stay insured. Keep health insurance in effect and maintain adequate amounts of life and disability insurance. ”

Five opportunities to help you prepare

While no divorce is easy, there are ways to help you during this process. Preparing for a divorce before it happens can reduce some of the stress that you’ll likely face while it’s happening. Planning ahead helps you get organized, make sound decisions, and start preparing for your life after a divorce.

1. Seek professional assistance.
2. Gather your important paperwork.
3. Create financial distance.
4. Bring your taxes up-to-date.
5. Maintain or establish good credit.

Protect yourself financially

Divorce is expensive, but it doesn’t have to jeopardize your financial future.
1. Find a balance between liquid and illiquid assets.
2. Document your cash flow.
3. Determine the value of your retirement accounts.
4. Think about the after-tax value of assets.

Managing finances after a divorce

For many, managing money may be a new responsibility. Perhaps, one spouse always handled the financial aspects of the household, so establishing goals, creating budgets, balancing finances, and saving for retirement and a child’s college education can be challenging. Like every new experience, there may be things you need to learn and become comfortable with. Don’t be afraid to
ask for help.

1. Review and revise your goals.
2. Take control of your career.
3. Revise your will.
4. Reduce debt and increase savings.
5. Take charge of your retirement situation.

Confused? Don’t go it alone – schedule a complimentary meeting today!

During a divorce, choosing a qualified and compassionate family professional can be one of the most comforting decisions you can make. In addition to legal advice and support, you may also need financial guidance. Seek the assistance of a group of professionals to help you clarify your financial situation and outline your options as you start your new life.

You may also be interested in:

Investment advice offered through Private Advisor Group, a Registered Investment Advisor. Good Wealth Management and Private Advisor Group are separate entities from LPL Financial.
Securities Offered Through LPL Financial Member FINRA / SIPC.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.