Post-Divorce Finances

Divorce can be one of life’s most stressful situations, both emotionally and financially. Each partner has the new burden of shouldering increased expenses on a reduced income. This stress is compounded when finances in the marriage have been handled mostly by one partner, leaving the other one overwhelmed by their new financial responsibilities.

Proper planning can help reduce some of this stress. Creating a post-divorce budget is an important first step, but a budget plan by itself won’t accomplish much if someone doesn’t integrate the changes into their life. Financial coaching can create and reinforce good spending habits and help people change their emotional relationship with money.

Divorce also requires significant efforts to separate joint accounts, update information at credit bureaus, and change beneficiary information. Additionally, someone might need to rebuild their credit history and create a plan to pay down debt they’re now solely responsible for. A coach can be a guide through all of this.

I’ve gone through a divorce so I understand the stress; but I also learned some valuable financial lessons. Let’s talk about how coaching can decrease your anxiety and get your finances realigned with your new life.