Many marriages have one partner who takes most of the responsibility when it comes to managing the money, which inadvertently leaves the other person in the dark about a lot of things. When it comes to divorce, money and your financial future, trying to get through it without understanding your own personal finances is like trying to drive a car without a steering wheel.
You may or may not know how to pay bills, file your taxes or even balance a check book. But you are starting a new phase of your life and its you that needs to manage your finances from this day forward. You’re going to need to pay the bills, arrange for your own mortgage and still plan for your retirement. If the mere mention of “finances” makes you groan, then you need to be thinking about financial planning as you move forward.
Ironically divorce is one of those few moments in life when our finances becomes front and central. You are going to account for all of your money, debts and assets like you never have before or ever will again. At the end of this process, there is likely to be a lump sum of money that is going to be coming your way and it must be handled with wisdom.
If you’re not familiar with how the money flows in and out of the family coffers because the other has always taken care of it, it’s time to step up to the proverbial plate and speak with a financial planner that understands exactly where you are at this moment. If you are someone who has always lived without a financial plan, then take this time of transition to financially recreate yourself going forward. A new day, a new life, a new future.