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Key Takeaways
Before the divorce, assess your shared financial situation and seek guidance from a certified financial planner or other licensed professional.
During the divorce, focus on your priorities, be vigilant about the proceedings and consider necessary lifestyle changes.
After the divorce, reexamine your goals, construct a new plan with a financial advisor and give yourself grace as you adjust to a new chapter.
Divorces involve settling a wide range of issues – including the division of assets and debts, and in some cases the assignment of alimony or spousal support.
While the proceedings can be lengthy, it’s important to advocate for yourself throughout the process because the decisions are binding.
If you’re not sure about the best course of action before, during and after a divorce, read on for advice from financial experts.
The most important thing for someone going into a divorce to do is to become knowledgeable about their own family finances,” Reid A. Aronson, partner at family and matrimonial law firm Aronson, Mayefsky and Sloan, said in an email.
Aronson recommended asking yourself the following questions:
How much do you and your spouse make?
What account or accounts does that money go into?
What are your monthly expenses?
Which of those expenses are fixed (e.g. housing, private school tuition, medical insurance) and which are flexible (e.g. food, clothing, vacations)?
What assets do you have and what institutions hold them?
Uncertainty about finances can create a tremendous amount of added anxiety, and anxiety can lead to very poor decision-making, including decision-making regarding litigation or settlement,” Aronson said.
It’s important to gather the information without the help of your soon-to-be ex-spouse.
“Don’t rely on the information your ex gives you because they’re not on the same team anymore,” Rachel Burns, a certified financial planner at True Worth Financial Planning, said in an email.
