Surviving Divorce By Planning for Financial Success

Going through a divorce can have devastating effects on your emotions, your children and your life in general. When a couple decides to separate, they are often unprepared for both the emotional and financial outcomes which follow.

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If you are currently going through the process of separating from a partner, the months ahead will be filled with many changes and challenges. The following might aid in coping with your process:

You will need emotional support. Seek the care and support of a close circle of trustworthy friends and/or family members. They will become your support system and will offer you the space to talk openly and express yourself as you work through your process.

Your children will go through their own emotional process. From changes in family settings and living situations, to matters of guardianship rights and custody battles, the children and dependents of the separating parties will experience a range of new and complex emotions. As well as feeling their own range of emotions during their process, they will also pick up on the feelings between you and your spouse. Here, it is imperative to handle their process in a different way to your own, and if possible, be sensitive when fights or disputes arise with your spouse.

Learn to like yourself again. Allow yourself the time to work through your feelings and to mourn the end of the relationship, and in time, begin the journey of discovering the new path of your life.

In times of crisis and need, such as when going through a divorce, it is hard to center oneself amidst the sea of tumultuous emotions, and to focus on seemingly mundane, although imperative, tasks regarding your finances. At this time, it is critical to keep abreast of your personal financial situation. Here, a financial planner can be a valuable and reliable source of security and support. As well as your attorney; who will be competent in terms of the law and legal implications; your financial planner will be able to handle your sensitive financial matters with professionalism, and with your best interests in mind.

What happens to your maintenance instalments should your ex-spouse pass away?

Your financial planner will also be able to advise; typically better than an attorney; regarding the implications of your pension in relation to the Pensions Act, and furthermore, will know how to protect your rights. Once the divorce has been finalised, there will be a new economic reality for you to face. Working closely with a financial planner will assist in preparing you so that the long-term economic impact is reduced.

One specific mode of action that most Fee-Based financial planners recommend for their post-divorce clients is to set up a detailed Recovery Plan. Here, your financial planner will assist in:

  • Creating a personal budget
  • Offer training to help you manage your debt and live within your means

If you are currently going through the process of separating from your spouse, and would like to receive attentive and empathetic financial planning advice from a Fee-Based financial planner, contact Northwood Financial Services cc for a consultation.

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