There are many objectives that will arise both during a divorce and in a person’s post-divorce life. Indeed, the vast majority of these objectives — securing a new place to live, creating a new budget, etc. — will be expected and relatively easy to achieve.
However, some of these objectives will be unexpected and may not necessarily be the easiest to obtain. For instance, newly divorced people may suddenly feel the need to reinvent themselves or an urge to explore the world around them.
While these are laudable goals, the fact remains that classes at a local college or a guided trip through a foreign nation will require a significant investment of both time and money, the latter of which may be in limited supply in the wake of a divorce.
The good news, however, is that financial experts indicate that divorced spouses from all walks of life can take steps to help make both their practical objectives and wildest dreams a reality by taking the time to devise a comprehensive financial plan.
Indeed, experts indicate that the first step in this process, actually sitting down with a financial planner, is often the hardest for many people as it forces them to commit to a plan of action. However, once accomplished, it can put them that much closer to their goals, and ensure that they will soon be taking advantage of the two most basic money making principles: time and compound returns.
As to what will be accomplished during this sit down with a financial adviser, experts indicate that it allows the two sides to discuss just how feasible these goals are and what it will take to see them realized. From there, they can devise a formal income-based financial plan outlining how each of these goals for the post-divorce life will be realized.
We’ll discuss some of the steps experts say people must typically take to see their post-divorce financial plans realized in our next post.
In the meantime, whether you have questions about divorce or divorce-related issues like property division, or have already been served with papers, please consider speaking with an experienced legal professional as soon as possible.