Divorce is hard enough – what can you do to help the transition?

Everyone needs a little advice sometimes, right? And one of those times in life when Maryland residents are likely to reach out to someone is during, or after, a divorce. When a marriage reaches the point where divorce is the only option, people can face many different emotions. It can be scary to know that the relationship you have been so proud of and dependent upon is ending, and you will then face the prospect of once again making your way alone – at least for a while.

With that in mind, a recent article in Forbes detailed a few steps for post-divorce financial stability, particularly with women in mind. Some of the steps can be of extra importance when the split was a high asset divorce.

Two important steps were to seek the counsel of a financial advisor and draw up a comprehensive financial plan. Doing so can help a divorcee figure out what they have, what they no longer have, what income they can count on and what the asset division process cost them in the grand scheme of things. Some financial advisors are very well practiced in setting up post-divorce situations, and will know the best techniques to manage a reboot of retirement plans and business assets.

Next, update all of your accounts – including any offshore accounts – and begin to build or strengthen your individual credit history. This will take your individual post-divorce path and steer it toward a future of your own making.

The article also suggests that individual evaluate their estate plans and make the appropriate changes to beneficiaries and bequests, in light of the new circumstances.

Lastly, trying to enjoy your post-divorce life can make all of these changes easier. Divorce is hard enough on those who have to go through it, but know that on the other side of the process there is supposed to be a happier, less stressful life. Taking some of these steps could help ease the transition.

Source: Forbes, “Seven Must-Do Steps For Women Who Want Financial Stability Post-Divorce,” Jeff Landers, July 25, 2012