How Do I Carry Out My Post Divorce Financial Planning?

How Do I Carry Out My Post Divorce Financial Planning?

To create an effective post-divorce financial plan, here is what you should do:

  1. Organize a support team.
  2. Know what you own.
  3. Make important changes in your financial accounts.
  4. Be prepared.

1. Organize A Support Team

To plan and help you build a secure financial future in the post-divorce period, you may need the help of experts like:

  • Your divorce attorney, who either employs finance professionals in his/her firm or is networked with high-quality finance professionals.
  • A tax professional, who can plan your taxes, if any, on property distribution, alimony, and child support.
  • A reputed and experienced financial advisor, who can help you secure your future. Avoid advisors who are more interested in selling insurance products or creating a plan based on your risk profile without analyzing investments and your post-divorce budget.
  • A friend who is either financially savvy or has passed through a similar stage you are experiencing or is well-networked with finance professionals. Remember that you don’t necessarily have to do exactly what your friend or confidante did – you just have to learn what he/she did while planning post-divorce finances, and learn from his/her mistakes.

Also, remember that you are starting life all over again after your divorce and you just cannot afford to make a financial mistake that can compromise your future. Usually, an experienced divorce attorney can help you select the right finance and tax professionals. However, if you have hired a rookie attorney or a general practice law firm, you may have to interview several finance professionals to find the right one on your own.

2. Know What You Own

If you have been following our guides on how to financially plan during a divorce, you may have already itemized your marital property and made copies of all key documents/statements. You would also have created a list of separate properties belonging to each spouse (these are not distributed upon divorce). Plus, you may already be having a rough estimate of what you will own, how much you will earn, and what you may have to forgo in the post-divorce period.

Armed with this knowledge, you can discuss your needs and plans with your attorney and financial advisor and they will help you organize your financial life.

3. Make Important Changes In Your Financial Accounts

It is recommended that you make the following changes to your financial accounts:

  • Close all joint accounts that you have with your spouse and open new and separate bank and investment accounts.
  • Re-title your post-divorce assets in your name.
  • Change your name (in case you have retained your maiden name) on important records like the SSN database, driving license, passport, etc.
  • Change beneficiary names on bank accounts, life insurance policies, and investment accounts.
  • Update your insurance policies to reflect the new financial circumstances.
  • Set up a retirement fund and an emergency fund for a rainy day.
  • Set up a new estate plan.
  • Check and improve or maintain your credit score.
  • Plan the taxes you have to pay.
  • Ask your financial advisor to review your portfolio and suggest changes, if required.
  • Create a post-divorce budget.

4. Be Prepared

A divorce halves the monthly income and doubles the responsibilities. And life, as you may be aware, may get disrupted by sudden and unexpected financial hits. Therefore, you need to take the worst-case scenario into account and hope for the best.

So, after divorce:

  • Don’t be in a rush to act on any major financial matters – for example, selling or buying a house. Think through your decisions carefully and get them reviewed by your financial advisor.
  • Don’t splurge – try and maintain the same level of living you enjoyed during the marriage, and be flexible enough to compromise somewhat, if necessary.
  • Patiently and diligently build a whole new, realistic, and secure financial foundation. It may take time, but it will secure your future.
Protect Your Money And Your Family

We remove fear associated with divorce, protect your money & maximize time with your kids!

We're here to help. Let's determine your best options.

Call Us 24//7 at 801-685-9999 to Speak with a Live Representative

Utah Divorce FAQs
Top 100 Divorce Blog
What Clients Are Saying…
BrownLaw icon
Excellent
Brown Family Law
4.8
Based on 912 reviews
Nathaniel Garrabrandt and Brown Family Law is where I send people who are seeking Divorce. Highly professional and compassionate. Thank you!
I cannot say enough good about my experience with Brown Family Law. Ray Hingson and paralegal Carren did an excellent job with my case. I will definitely use this firm again for any legal issues.
I have worked with Andrew Christensen many times in a variety of situations. I am very impressed with his friendly demeanor in a difficult situation. I would highly recommend him to you without any reservations.
Highly recommend Brown Family Law. Life is hard, divorce is harder, and Andrew Christensen is your guy to help you through to the other side.
When you’re going through a tough time and need legal help, this firm isn’t just a one-person operation. It’s a team of attorneys who work together to support you every step of the way. So you’re not just getting a lawyer, you’re getting a legal team behind you.

Navigating the legal system was a steep learning curve for me, and my situation was fairly complex. What stood out about this law firm was the way multiple attorneys collaborated to address my case. It wasn’t just one person working in isolation, but a team supporting each other to find the best path forward. That kind of collective effort is a real strength, especially in hard out complex situations like mine.

There was one issue I felt should have had a different outcome with the court. When I brought it up, the team responded in a very professional and respectful manner, which I truly appreciated. It came to my understanding that the legal system sometimes works in a way that is distant than I thought. This was presented to me in a way that someone outside of the legal system could understand.

In my experience, this firm takes the time to not only assist you, but also help you understand why things are happening. That made a big difference for me, and it’s something that really sets them apart.
Response from the owner:David, thank you for our conversation and taking the time to leave this review.
My experience with Jennifer and Brown Family Law was nothing short of amazing. From the very beginning of my initial consultation all the through until my case was settled, I was well taken care of and updated every step of the way. I felt like my team genuinely cared about the outcome of my case, which was refreshing. You get what you pay for, and Brown Family was worth every penny. To say I highly recommend this group is an understatement.
Response from the owner:Thank you very much, Steve. Glad Jennifer took good care of you.
Andrew Christensen was a great divorce lawyer. He is very experienced, professional, and was great to work with during this difficult process.
Response from the owner:Casey, thank you and so glad Andrew served you well.
Made my divorce quick and painless. 5 months ago I was feeling very overwhelmed. There was legal issues with protective orders, my ex wife had taken my kids to another country without my consent, I was in way over my head. After speaking with brown law they calmed my nerves took over my case. A few video calls and 5 months later my divorce is finalized with a fair outcome for everyone. It was easy and stress fee, it didn’t even feel like I was going through a divorce.
Response from the owner:Thank you so much, Brian. Sorry you went through all of that, but glad we were able to help.
Jennifer was excellent! She was always responsive and kept me updated on my case. while the billing was a little different from what I expected, her expertise was invaluable. I highly recommend her. And I appreciate everything she's done for me and may case.
Response from the owner:Jennifer, thank you and glad Jennifer was able to help you and kept you updated.
Going through the divorce process can be overwhelming, exhausting and emotionally draining.
I did my homework to find the perfect lawyer to represent me knowing I could have peace of mind throughout the process.
Leilani Whitmer and her paralegal Idania did not disappoint. Their professionalism and dedication to my case was outstanding and fair.
Leilani had just had surgery a few days before mediation and showed up on crutches and ready to go. That’s dedication!!!
I am highly recommending them to anyone looking to feel at ease during a difficult time.
Response from the owner:Lesia, glad Leilani and Dani took such good care of you.
yH5BAEAAAAALAAAAAABAAEAAAIBRAA7

Categories