I know this is a finance post, but before I jump into giving you a checklist for financial steps to take before and during divorce, I first want to say: Stay positive and remember you WILL get out of this. Positivity can carry you further than you’d ever imagine when the chips are down. It’s good for your brain, your body and your soul. When all those are all aligned, the financial steps become a non-emotional step in the process.
When I was in my twenties and newly married, I went to have a financial plan done with one of the popular investment firms in this vast marketplace. I ended up investing in a number of products I did not fully understand, including a variable life insurance policy and a long-term partnership fund. My hard-earned savings (which I thought was a lot at the time), quickly disappeared into the insurance policy–along with the monthly payments now due for the policy. The partnership and a number of small mutual funds never grew much. When making mistakes, the best part is learning from them, right? These are mine:
Well that was a pretty wild roller coaster yesterday, wasn’t it? How many times did you cover your eyes but peeked through your fingers? Did you immediately go to your account balances and cringe? If you did, that’s certainly ok—and a normal reaction. It’s also perfectly normal for you to have either called your advisor or thought about taking everything out yourself.