Financial planning after divorce may identify needed changes

Some financial advisers in Missouri are experienced in assisting individuals who are going through a divorce or have recently completed the ordeal. Experts agree that the divorce experience is emotionally draining, and they also point to another inescapable aspect of the proceedings. That is the fact that, typically, a participant’s expenses will go up while that person’s income will decrease.

Some persons may escape immediate financial discomfort where they received a lump sum settlement of cash and are feeling pretty well-disposed after the divorce. That outcome often results in the cash being carelessly spent without taking a good hard look at what one must be prepared to endure and survive in the years ahead. A detailed evaluation of one’s financial picture should be made prior to thinking that there is plenty of money on which to live in future years.

In all likelihood, initial assessments of one’s position will be skewed to some extent. To be safe, the person should freeze all discretionary spending until an accurate financial picture is obtained and affirmed in one’s mind. At that point, planning for the future can start with greater success. In addition to knowing what assets exist for basic living expenses, one must plan out the general goals and intentions for the future. Budgeting should be done in earnest.

Ideas and plans for the future may have to be scaled down if a detailed review shows that wishful thinking was at first involved in one’s financial assessment. In some instances, a person may have to downsize after divorce. The issue of keeping the home is vital, and it sometimes becomes apparent that selling and putting the proceeds into retirement planning will be a stronger approach for the future. The individual may turn to an experienced Missouri family law attorney and to a qualified financial planner for assistance in this important transitional process.

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