Separation can be an emotionally taxing experience, and financial planning during this time is crucial for securing your future. At Maes Divorce Consulting, we understand the complexities of navigating finances during and after a divorce. Here are some expert tips to help you manage your financial well-being:
- Assess Your Current Financial Situation
- Take Inventory: List all assets, debts, income, and expenses.
- Separate Accounts: Open individual bank accounts to manage your finances independently when advised it is ok to do so. Opening an account is ok but maintaining the status quo to pay ongoing expenses and manage the household may be advisable until the terms of the agreement have been negotiated.
- Create a Budget
- Track Expenses: Monitor your spending to understand your financial needs. Actually, go through your accounts to see what your spending is really like.
- Adjust Lifestyle: Maes Divorce Consulting can create a basic financial plan in conjunction with your financial advisor if you have one to see if and how to modify your lifestyle to fit your new budget and prioritize essential expenses.
- Understand how support payments work
- Consult a Professional: Work with us to see how support payments impact your financial situation over the short, medium, and long term and what the risks are to you in the event those payment amounts change. Outside legal counsel will help you understand entitlement to support. Spousal support especially is a more complex calculation where there is no one size fits all.
- Protect Your Credit
- Check Credit Reports: Regularly review your credit report for any discrepancies.
- Manage Debts: Pay off joint debts and close joint accounts if possible. Maes Divorce Consulting will assist in helping you find options to do this and make a clean break.
- Plan for the Future
- Retirement Planning: Consider how the separation will impact your retirement plans and adjust accordingly.
- Insurance: Update your beneficiaries and consider any changes to life, health, or property insurance after consulting with the appropriate professionals such as legal counsel. Life insurance with the children, or the former spouse as beneficiaries may be necessary to protect future support payments
At Maes Divorce Consulting, we provide personalized financial divorce planning services to help you navigate this challenging period with confidence. Our team is dedicated to help you find your financial stability and peace of mind.
Client Success Story
One of our clients, Sarah, was overwhelmed with managing her finances during her separation. By working with our mediator, she created a sustainable budget and planned for her children’s future. Today, Sarah feels confident and secure in her financial decisions.
Conclusion
Financial planning during separation is not just about managing money; it’s about building a secure future. Contact Maes Consulting today to start your journey towards financial stability and peace of mind.
