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How To Be Financially Strong During Divorce

Guest post by: Terri Levine

Article Overview: For many, it is a sad fact of life that one of the life changes they will face is divorce, which can be painful in itself without the added stresses of financial worries. Here are some tips for those contemplating a parting of the ways with their now less-significant other.

How To Be Financially Strong During Divorce

Many women wait until they are divorced or close to divorce before thinking about their finances. Women who I work with who are in the midst of separation and/or divorce, I encourage to be financially strong as quickly as possible. First I have them begin to vision the feeeeeeeeeeeeling of being separated financially from their husband. Once they can feeeeeeeeeeel this and stand in their own power it is easier to move them to inspired actions. In many cases the woman will want to sell the home the couple/family has lived in and take their half of those profits to eliminate any debt they have or to use for a deposit on their own place. I coach these women to look closely and objectively at their current spending and to do a chart of their actual spending for several weeks. Unless they truthfully understand their spending, it is hard for them to budget and plan their future financial needs. The biggest chunk of money always goes to housing and we look at housing alternatives and keeping this modest as our first action. Next we create a budget and a savings program. The savings program is a type of emergency fund that is kept in her savings account and earns interest and doesn't get touched unless it is an emergency.

We also work on short-term goals of how she wants to feeeeeeeeeeeel and what she wants to attract to her life. Women can have a great deal of negative self talk about their worth, both monetary and as human beings during divorce. By keeping the woman's inner core intact and having her feeeeeeeeeeeeel good about herself while helping her take actions which will keep her financially strong, she feeeeeeeeeeels more powerful and in control.

To earn more money for herself I encourage women to look at part-time income opportunities where she can trade value for money vs. trading time for money. Trading time for money is what we typically call a JOB. We get paid only for the hours we put in and based on that we get a set amount of money that doesn't vary that much over the years. We can't take a day to spend with our kids or a day for our own mental health anytime we want it. We have to be sure we put in the hours, to get the pay.

So instead of the traditional JOB, I help these women find careers where they can work fewer hours per week and really feel they are serving people through their work. In other words, the work they do is not a JOB but is a way of sharing their life purpose and they get to connect with people and to be paid well for the value they bring. So, in less hours they make more and really feeeeeeeeeel they are doing something that has great meaning.

This amps up their confidence, self-esteem, self-worth and income and the divorce becomes less painful, the finances become less of a struggle and they move on stronger and improved.

Sometimes these women look forward to returning to the workforce, perhaps to much loved careers that they had to give up when they started families. The key is to find ways to secure some form of income for yourself and don't act hastily because you know what they say... act in haste, repent at leisue.

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Article Tags: divorce, financial planning, life coaching



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