Going through a divorce will be challenging no matter what kind of relationship you have with your ex-partner. Divorce is just all-around unpleasant—every step of the process consumes so much energy, time, money, and emotions.
Going through a divorce will bring such a significant change in your life, whether for the better or worse, but of course, no one would want to get the short end of the stick. Everyone knows that divorces can be messy, but especially so when finances are involved. Once you include money matters in the conversation, navigating the process becomes much more difficult.
Keeping Your Finances In Check Through Divorce
The world is full of bad combinations, and money and divorce are probably at the top of that list. Besides making significant investments, getting into debt, or starting a family, getting a divorce is among the biggest things that can impact your financial situation.
Without a strategy, you can’t unravel the complicated set of claims on you and your ex-partner’s finances and properties. When undergoing a divorce, it’s crucial to carefully craft a plan with a divorce financial advisor and a lawyer to prevent damaging your credit score or negatively impacting your savings.
To help you get through the divorce with financial peace of mind, follow our tips below:
Think About Both Parties
It can be challenging to consider you and your ex-partner on opposite sides when making financial decisions. Don’t let your emotions dictate your actions! Take the time to “breath” and get your feelings in order so that you’ll have a clear mind when navigating the financial aspects of the divorce.
Only Listen to Professional Advice
When making financial decisions during a divorce, we don’t recommend asking your best friend, family, or work colleague for advice. Sure, you can get their two cents about other matters, but your divorce is off-limits.
You will most likely receive countless unsolicited advice during your divorce, but try not to pay attention to it. Only listen to the professionals like a financial planner or attorney who specializes in divorce. This increases your likelihood to have the best possible financial outcome after the divorce.
Cancel Joint Credit Card Accounts and Open a New One
After filing for divorce, you must close your joint credit account immediately, as accruing joint debt can cause complicated problems. Avoid any more damage to your credit scores and credit reports by closing your joint account and opening a new one in your name only.
Going through a divorce is far from fun—apart from the emotional turmoil it causes, you also have many responsibilities to take care of, particularly financial obligations. Sanity is hard to come by when going through a divorce.
Still, you can at least incur as minimal damage to your credit as possible and remain financially stable after everything is over. With our tips and the right divorce financial advisor, you’ll be able to better navigate the divorce process.
If you’re having difficulty managing your finances during a divorce, let our divorce financial advisors at Calamita Wealth Management help. We will make the process as smooth as possible while providing the support you need and deserve. Book a consultation today.