Becoming financially independent after a divorce can be daunting. So let us help take out the guesswork
If you’re going through a divorce, you’re probably experiencing a whole flurry of intense emotions: loss, confusion, panic, anger or some combination thereof. Your finances are more than likely the last thing on your mind right now. But as the dust settles and you get closer to your new future as a single woman, it’s important that you are in control of your personal finances, and are able to transition from things like joint accounts, credit cards and debt with the least amount of stress. The task of maintaining financial stability while you separate your accounts can be daunting at first, but at SeaCure Advisors want to help make it as painless a process as possible. With that in mind, here is a list of some of the most important steps for a woman to move forward with getting a handle on their post-divorce finances.
What you need to know
- Create a detailed financial plan. It’s extremely important to develop a budget, especially if you were not very involved in the family financial planning during your marriage. This plan will keep you on track in your day-to-day for things like bills and utilities and is also vital for long-term planning, like retirement or saving for college if you have children. If your divorce settlement includes lump sum assets, make sure the management of these are factored in as well.
- Update all of your accounts. While it’s admittedly tedious, this part is no less important. If you’re changing your name post-divorce, you’ll need a new Social Security card, new credit cards, and titles on your assets, like cars and houses. Everything should be changed and updated, even things you might not be thinking about right now, like the beneficiaries on your life insurance policies, IRA accounts and more.
- Seek out an experienced financial advisor. These tasks become a lot more manageable when you have the help of not just a good financial advisor, but one who is specifically experienced with helping women going through a divorce because, as we have outlined above, it’s a situation with very particular needs.
And of course, if you’re looking for a financial advisor who can help in this exact situation, look no further than us at SeaCure Advisors. We specialize in helping clients in transition, and that includes women going through divorce. We will help you navigate this emotional time and understand your new financial situation.