Divorce may be one of the hardest things you have ever had to face. Having helped a lot of people navigate this process, I can attest that no two cases are ever the same and everyone has different ways of handling the twists and turns of their divorce.
Although people cope with the stress of this process in different ways, we tend to meet with people who are in one of two positions:
- “I don’t even know where to start” – These people are overwhelmed by the work that goes into the divorce process. The idea of having to get organized financially is not something they are ready to tackle. They may know what the water bill is, but don’t have any idea what their spouse’s benefits are at work, how much is in the retirement accounts or how their money is invested.
- “I have a divorce binder” – These are typically the people who have done their research and have gotten themselves organized. They have gathered as much information as they can but are at a point where they need advice as to what to do next or how to understand the information that they have.
In either case, being knowledgeable and confident in the financial decisions you make during your divorce is the key to feeling comfortable saying “yes” to a divorce settlement.
There are so many questions to be answered during the divorce process, and some of them haven’t been a consideration until now:
“Can I stay in the house or do I have to move?” “Will I need to go back to work, or will I need to put off retirement for several more years?” “Is my spouse hiding money?” “What will my lifestyle look like post-divorce?”
As the process evolves, questions become more complex:
“How do you split a pension benefit?” “Can we get our money out of these annuities?” “What is non-qualified deferred compensation?” “Do I have to give my spouse part of my inheritance that I received?” “If I accept this settlement offer, will I be okay?”
You can get lost in the simple questions before you even get to the complex ones. To get through it, you have to believe in yourself and push yourself to get organized. However, we all have our limits. The more complex your financial picture is, or the more you want knowledgeable help and support, consider consulting a financial professional who specializes in helping people through divorce. A Certified Divorce Financial Analyst® with a background in financial planning can help you navigate this difficult time. Whether you don’t know where to start, are building your divorce binder or somewhere in between, you don’t have to do it alone.
Contact our office today for your complimentary initial consultation.