8
Steps to Cope with Financial Uncertainty and Divorce
We’ve all heard that money is the number one reason for
divorce. Even if it’s not wholly
accurate, finances can strain a marriage and negatively affect children. Here are some tips in coping with financial
uncertainty and divorce.
Educate yourself:
Though it may seem overwhelming, sit down with the details of your
finances. If it is too difficult to do
alone, have a Certified Financial Divorce Practitioner (CFDP) or other
financial professional look at the numbers with you. Educating yourself is the
first step to assessing your situation and looking for solutions.
Communicate to your
children: Make sure to not skirt the situation, but also be
reassuring. You should give age-appropriate
information without overwhelming with unnecessary details.
Focus on what you can
control: Focusing on what you can’t control can lead to a feeling of
hopelessness. Find small steps you can take to tackle your financial
situation. If you are unable to figure
out where to start, a financial professional specializing in divorce financial
planning can help.
Slow down: It is
natural to want to get through a stressful situation as quickly as possible,
but don’t make any hasty decisions. It
is important to consider all implications before making a decision that will
affect the financial future of your family. Take time out to think things
through and weigh all options.
Prioritize decisions:
There are some decisions that will need to be made right away, such as where to
live while others can wait, such as a career change. Give yourself permission to wait on those
that can and focus on the most pressing issues first.
Remember your health:
The stress of divorce can lead to changes in eating, sleeping or exercising. Be
aware of how stress is affecting your mental and physical heath and give
yourself a break.
Stay positive:
It’s easy to get bogged down in the negative feelings associated with the end
of a marriage. Don’t get distracted by
these feelings and try to focus on the positive. Yes, there is positive! Use this as a
learning experience and focus on your positive qualities that are allowing you
to conquer this situation. Staying positive will allow you to see a hopeful
future and you’re more likely to move toward it more quickly.
Reach out: Don’t
do this alone. Surround yourself with
professionals you trust and friends and family that support and energize
you. Choose those who truly listen to
you without judgment. This is also a time to cultivate new relationships and
make an effort to meet new people. Join
a club or group, take a class or volunteer in your community. You’re bound to feel invigorated while focusing
on something other than the divorce.
Nicole established the Denver Divorce Mediation Group, LLC
and became a CFDP® after having experienced a divorce herself. She saw how
difficult it was to make important financial decisions while overwhelmed with
the emotions that come with divorce. As a divorce financial planner and
mediator, she has helped hundreds of couples move through divorce and gain
control of their financial future.
