Financial insecurity following a divorce is real. By taking control of your finances, you will begin to rebuild your new future.
The beginning of 2020 started off with a bang! The economy was purring, and the stock market was reaching all-time highs. In March, our lives quickly changed due to the outbreak of the coronavirus pandemic.
Businesses closed their doors, laying off or furloughing their employees. The stock market quickly dropped, and stores sold out daily of essentials. Stress, anxiety, and fear were emotions we felt continuously. In some manner, the rug was pulled out from all of us, changing the course of our lives forever.
Stress, anxiety, and fear can compound or accelerate underlying issues. In some cases, this means marriages that were struggling before the pandemic, may have completely collapsed during this period of duress. Thoughts of divorcing your spouse begin to become a reality.
When you go through a divorce, it often means your lifelong plans, hopes, and dreams are no longer your reality. Your childhood vision of a wedding, a marriage, and a happy family will be altered. The thought of a divorce was not part of this plan, and it surely was not the intention when you joined as a couple to share your matrimonial vows.
Not surprisingly, when a divorce does happen, it can have a shattering effect on your life, both emotionally and financially. In addition to experiencing a full array of emotions, you will be burdened with managing the household finances. This is possibly a new task for you; what do you do?
From the start of a divorce until it is final:
–Document ALL conversations related to your divorce.
–Invest in a few binders to organize your financial data, so it is readily available as you transition through this phase.
–Change the passwords on your e-mail, social media, and financial accounts. Select a password that is independent of your life with your soon-to-be ex-spouse.
