Divorce is an intricate mixture of parting ways, moving forward, looking ahead and building for your tomorrows. The real trick is having a strong financial plan at the ready — and that’s exactly what I talked with Andrea Murad in her article about divorce and financial planning, which was published on Entrepreneur on July 10.
You can read the full article here — or hit the highlights in my summary below. Andrea gives five practical tips for developing solid financial plans amidst divorce, which include:
- Reviewing your financials and expenses
- Budgeting for alomony
- Planning your career
- Considering whether to downsize your home
- Remembering to consider health insurance
The key to planning effectively is taking stock of who you are and what you’re worth now, what you’d like to maintain moving forward, prioritizing your needs and wants, and deciding what steps will need to be taken to get there.
Andrea consulted with several professionals from across the financial planning spectrum, and all had valuable insight in how you can maximize your finances before and after your divorce. Give the article a read and let me know what you think.