Marriage can be a wonderful institution until it isn’t, but sometimes divorce becomes the only way out. Whether you are considering a divorce, were surprised by the possibility of it, or have amicably agreed to it, the divorce process is challenging. It involves a great deal of decision-making and time. The Divorce Lifecycle provides a summary of key issues at each stage of the process.
The initial stages of divorce involve self-reflection and contemplation. It is essential to consider the impact both positive and negative that divorce will have on your relationship with your spouse, children, community, and yourself. Gathering information on the divorce process and exploring alternative solutions such as marital or discernment counseling can be beneficial during this time. Asking the right questions upfront can help minimize emotional and financial stress throughout the process.
After the initial shock of divorce settles in, it is crucial to have a grasp of your full financial picture. Taking an inventory of all your assets and liabilities, including investments, retirement accounts, property, incomes, debts, and tax returns, is essential. Setting up a new email account and filing system for all communication involving the divorce can help you stay organized and minimize stress during the process.
Building a supportive network of professionals and loved ones can help you navigate the emotional and legal challenges of divorce. Having an empowering team of professionals, including an attorney, financial advisor, therapist, accountant, estate planning attorney, and insurance professional, can provide different perspectives to help you make informed decisions. It is important to come to terms with physical transitions that you and your children will have to make, such as living arrangements and schedules.
Every divorce is unique, and it is essential to tailor the divorce process to your specific circumstances. Seeking the support of professionals can help you reach a stage of acceptance, hope, and excitement. Certified Divorce Financial Analysts can collaborate with attorneys to provide you with potential settlement scenarios to ensure you get the best outcome. Remember that the divorce process can be challenging, but with the right support and preparation, you can navigate it successfully.
Remember that the information provided on the Divorce Lifecycle is for educational purposes and not intended to provide specific advice. It is essential to speak with qualified professionals about your situation and the applicable laws and rules. Corient Wealth Advisor offers resources to help you navigate the divorce process and create a new chapter of wealth and wellbeing.
