How to Steady the Ship After your Divorce

Ending a marriage comes with a large handful of challenges, with money usually topping the list.

As a divorcing woman, you may feel overwhelmed because you spent your married years letting your spouse handle your financial picture. It’s time to take the bull by the horns and set yourself up for success by following these tried and true steps.

1. Update your accounts

The first step in steadying the ship is to take back control over your accounts.

If you have changed your name, you will need to update your bank and investment accounts. Identification cards, passports, and other property in your name will also need to be updated as soon as possible.

It’s not exciting, it is boring, but it’s a necessary step toward protecting what is rightfully yours while getting yourself organised for your new life.

2. Create your own goals

Throughout your marriage, you probably had a number of financial goals you were working toward with the help of your spouse - paying off the mortgage, university fees and so on.

You now need to create your own goals, remember it probably wasn’t raining when Noah built the ark!

Getting ready for retirement, paying down mortgages or loans or funding an account for travel all look a little different when you’re on your own.

Knowing what you want is the best place to start.

3. Have a plan in place

After you’ve determined what you’d like to achieve, you need to work out how you’re going to achieve it...

Your new financial plan should answer questions like:

  -  When do I want to reach these goals?

  -  How could I use my current and future assets to help me get what I want out of life?

  -  What does success look like within this new plan?

Getting clear about the path you will pave to secure the things you want in your financial life is a powerful step toward securing a stable future. For help with creating an actionable financial plan, check out our guide here.

4. Focus on what you can control

Emotions run high during and after a divorce, and they have a tendency to get in the way of reaching your new found freedom.

To steer clear of emotional pitfalls, focus on taking control where you are able. These areas may include paying yourself first through automated savings plans and investing with a long-term perspective in mind.

In addition to taking charge of your savings and investments, understanding the difference between what’s coming in the door (income) and what’s going out (expenses) each month is necessary for maintaining a tight grip on your plan. Know your budget inside and out, and make it work in line with your overall goals – without getting caught up in the things you can’t control.

5. Get help

Finding financial stability after divorce doesn’t mean you have to go it alone. At Jones Hill, we understand the financial complexities that come with ending a marriage and work to help you  move forward in the best way possible.

We lend an expert hand in building a new financial plan that fits your updated needs and goals. 

To schedule your consultation and get started down your post-divorce financial path, contact us today.