Growing up, many of us were encouraged to believe we would fall in love, get married and live happily ever after. Sadly, life doesn’t always work out that way and your dream marriage may end in divorce. Thankfully, this doesn’t need to feel like an end. Instead, you can approach it as a new chapter in your life, a chance to do some things differently.
The emotional cost of a divorce
There is no doubt that getting a divorce can be tough and you’ll face challenging times as you rebuild your life. It’s at this moment you’ll start to understand how connected your lives have been as a couple.
Divorce brings a potential sense of loneliness and an adjustment period which you might experience emotionally and mentally. Depending on how amicable the divorce is, it may impact friends and family. The people around you may take sides. It may feel emotionally draining – impacting you at home, at work and socially.
If you have children, you’ll need to work out child custody arrangements and child support.
It can be easy to start taking things apart and blaming each other or yourself. However, you don’t have to work through all these challenges alone. With so much change about to happen, we recommend you work through these emotional challenges with a psychologist or counsellor.
The financial cost of a divorce
To determine the financial cost of a divorce, consider:
- The costs of running two separate households
- The income available to each spouse once divorced and their level of financial security after the divorce
- The actual costs of getting divorced, such as the application fees
- The legal fees if a lawyer is needed and the impact on your legal fees should significant animosities impede divorce proceedings
- Separating your medical insurance coverage, investments, properties and other assets
- Amending your estate plans (such as your will and superannuation benefits)
Depending on your role in the household finances, you may make the uncomfortable discovery that you don’t have a complete picture of your joint financial situation. Or perhaps you have left day-to-day money management to your spouse. Either way, you could have a steep learning curve to regain a clear picture of your financial situation.
Developing financial confidence after divorce
When getting a divorce, you may feel like you’ve lost your confidence, especially if you are unsure of what your financial future looks like. Thankfully, this is one area of your life where you can take charge and grow in confidence. How? By getting the right advice and support, you can educate yourself and begin creating a plan for a financially secure future – one that you control and understand.
Setting yourself up for a confident financial future
At Treysta, we understand the impacts divorce can have on your confidence, finances and future. Our financial advisors are here to help you understand your options and together we will:
- Review your financial situation and relate it to your cost of living
- Create a clear understanding of your current financial situation
- Provide you with the tools, knowledge and framework you need to make excellent financial decisions
- Work on your financial confidence so you can move forward in a positive manner
- Develop a financial plan that reflects your preferences and supports you as you consider your new life choices.
You’ll also find a similar article on Starting Over Financially After a Divorce from a woman’s perspective. If you are ready to feel confident about your finances and take charge of them after your divorce, call us on 02 9241 2575.