Six tips for financial clarity during a divorce

There is nothing delightful about going through a divorce. First, you’re dealing with the reality of separating from someone you once loved and second, you have to face the financial impacts of going through the divorce.

There’s a lot that goes on during that period and one area you need to secure is your finances. It’s hard to separate your money from the marriage and this is probably one of the main reasons why divorces get nasty.

This is a very emotionally draining time and it might take a while before the divorce is finalized. Your wallet might not look pretty when it’s all done but you can put in some measures to make things a little better. 

Here’s how. 

Know your rights

Getting full clarity will require you to do some research. You need to know the rights you are entitled to and some of the limits you’ll experience as far as the law is concerned. It’s actually your duty as a citizen to know some of these things so that the decisions you make are well understood.

It’s also important that you get the full picture of the assets you fully have control of and those that are split between you and your ex.

Start researching as soon as possible and gather the documents you need beforehand.

Hire some help

Paying for someone who knows those important details more than you do is extremely important. It might be costly but that’s nothing compared to the consequences of making uninformed financial moves that aren’t in your favor at all.

Trusted financial advisors will help you choose the best way forward as you maneuver through the divorce process because they know some of the legal angles to look into. Aside from that, they can also advise you on other areas such as budgeting and adjusting to life after the divorce.

Have a strategy in place

You need to plan ahead of time and think about how you’ll get back on your feet. This whole process is financially draining and it would be risky to let years go by without any plans in place.

Start dealing with those joint accounts to avoid situations where you’re still being held accountable for your ex’s debts and look for other ways you can save more during this process.

Prioritize your kid’s needs

Kids are usually the most affected whenever a marriage is going through problems. In the instance of a divorce, it’s even worse because there is no possibility of things going back to normal anymore.

As you make decisions pertaining to the divorce, make sure you’re still considering your children. As a parent, you should put their needs before yours.

Tend to your mental and emotional health needs

You can’t get clarity through this process if you’re not doing well emotionally. You might be the one who was served with divorce papers or you’re just simply caught up in the bitter exchanges that often happen.

Emotions can and will, cloud your judgement and sometimes people are tempted to make selfish decisions in order to get back at their ex-spouse.

As you proceed, get some therapy and maintain your emotional health so that you can act rationally.

Reset your financial goals

You probably had certain goals you wanted to achieve before this divorce happened. It would be wise to postpone some of those dreams like purchasing huge houses or expensive cars for now until the process is finalized.

This is important because you easily one area you need to secure is your finances..

Save the cash and tend to the essential needs first before committing yourself to anything else.