Divorce is a major life change that can be overwhelming, stressful, and emotional. If you're considering divorce, you might be feeling unsure of where to start and what to do next. If you're a stay at home mom or someone with financial concerns, the added pressure of not having your own income can make the process even more daunting.
As a Divorce Coach and Certified Divorce Financial Analyst, I’ve helped many women through the divorce process. In this blog post, I will share the first things to do when thinking of divorce, especially for women who are concerned about their financial stability during and after the divorce.
Educate yourself on your finances
One of the crucial first steps in the divorce process is to become educated about your finances. If you're a stay at home mom or someone who hasn't been involved in the family's financial affairs, it can be overwhelming to start learning about it. However, it's important to know what money you have or don't have.
Start by gathering all of your financial documents such as bank statements, mortgage statements, credit card statements, and tax returns. Make copies of everything and organize them in a file or a folder. It's also important to keep track of all your expenses, and having a budget will help you keep track of it.
Seek out a divorce coach
While divorce is a legal process, it’s also emotional and affects every aspect of your life. A divorce coach can help you navigate the emotional, financial, and legal process of divorce. Your coach can help you process your emotions and establish a roadmap for the best path forward. They are also experts in analyzing ways to financially protect yourself during the divorce proceedings and into your new life. A Certified Divorce Financial Analyst can provide even more financial coaching.
My first session with Sophie, she gave me a budget of three scenarios. She also helped me figure how much more I may need to earn after Alimony and Child Support. This all helped me finally know I could get out of an abusive marriage and move on
Consider getting a job and create a plan
If you have been a stay-at-home parent, going back to work can be a vital step towards regaining your financial footing. Start by updating your resume, creating a LinkedIn profile, and continuing networking connections. If you're uncertain about what to do, speak with a career counselor to help guide you to the right start.
Also, consider creating a financial plan before the divorce to help utilize your skills and resources to earn an income to support yourself. Some couples work together on the plan to enable a smoother transition and to allow them to both go their separate ways with greater ease.
Check your credit score
Your credit score can affect your access to credit, mortgages, insurance, and more. It's essential to check your credit score as well as credit report early in the divorce process. Ensure there are no unexpected or outstanding charges or accounts that are being mismanaged.
Discuss what's important to you with your partner
If possible, it's important to have an open conversation with your partner about what you value the most. You can talk through concerns, wants, and needs regarding your family's future, the division of property, spousal support, and child custody. Otherwise, speak to professionals like a Divorce Coach to help you discern what you value most and develop the empowerment to communicate these needs.
You can take steps to make the Divorce process less stressful. Being informed about your finances, working with a professional to understand your options, securing a job, checking your credit score and discussing what's important to you can help plan your future. I hope this blog post provides guidance and support to you during this crucial time.
If you need help figuring out your divorce possible outcomes and working on how it can be a good thing for you to contact us
Are you getting closer to your settlement or having post divorce questions? Contact us at and check out www.financial-sherpa.com