While everyone’s financial goals may be different, it is important to understand what it takes to achieve financial independence after a divorce. The first step toward recovering financially after a marriage comes to an end is to take action as soon as possible in an effort to maximize the potential for living on only one income. Once an individual decides to take action, it is a good idea to create a list of goals and priorities.
This list will help newly-single people make decisions that will benefit them the most as time goes on. It also enables them to determine if their goals are realistic. To help achieve those goals, any savings plan should be put on autopilot. In other words, money will be automatically deducted at regular intervals and put in the accounts where they will do the most good.
Taking this step ensures that new singles do not change their minds or otherwise let old habits stop them from doing what is needed to meet a goal. By taking the emotion out of a savings plan, people can focus more on what they can control as opposed to the latest trend or gimmick that may not suit them well in the long run.
One key issue in most divorces, and one that can often be a financial benchmark in a person’s post-divorce life, is property division. A divorcing spouse may be better served by enlisting the assistance of a family law attorney to negotiate a comprehensive settlement agreement that covers this issue and which can be submitted to the court for its approval.