With a recent divorce or separation, you are likely dealing with major changes in your financial situation. Those changes can be stressful, complex, and daunting.
Getting back on track, managing your money, sharing expenses with your child’s other parent, and implementing a smart financial routine takes some thinking and planning. As the NY Times puts it, “Financial health - just like the physical or mental kind - takes time and effort.”
In this three-part series on financial well being after divorce, we’re looking at smart ways to manage your finances. Let’s take a look at two more ways to approach money after a divorce or separation.
Discretion
Remember that your co-parenting expenses are just that - co-parenting expenses. You can talk to your co-parent about money, but, as an article in US News puts it, “don’t share this information with your son or daughter.”
By keeping your money management discussions solely between you and your co-parent, you’re making life stress-free and happy for your child.
Support
Remember, one of the best things you can do for yourself during or right after a divorce is to reach out for support. That’s true when you need help emotionally - and it’s certainly true if you want to improve your financial situation.
“Someone dealing with your finances can be really transformative,” says Jill Schlesinger, Certified Financial Planner Board of Standards. Whether you visit a financial advisor, sign up for a money management course, or ask for advice from a trusted mentor - having expert help managing your new financial situation will take the weight from your shoulders, and make you feel more secure moving forward.
Building a Framework for Effective Money Management
As you move forward, remember to stay flexible, communicate often, keep things organized, and use a system that works for both you and your co-parent. Most importantly, remember that managing your finances effectively will help to create a happy, healthy life for your child.
Trust that while there will be challenges - it does get easier. Know that you have the skills, confidence, and smarts to build a bright financial future for you and your family.
Summary of Parts I and II: In part one of this series, we talked about how to communicate about your finances, and the benefits of keeping your expenses organized. In part two of this series, we’ll look at implementing smart financial management processes while remaining flexible to change.
