Going through a divorce is challenging, both emotionally, financially and legally. Once your divorce is finalised, it’s essential to take some steps to regain your independence and start rebuilding your life. Here are some things to consider:
Firstly, take a moment to acknowledge that you’ve made it through a challenging period in your life. Whilst you may not want to celebrate, you now have independence and the opportunity to start planning your future without compromise. Start to think about what you want from your life, how you would like to spend your time and what you want to do. We work with our clients when they come through divorce to start planning their future and seeing how they can achieve the life that they want.
There is some important admin to take care of. You should review and update your will, power of attorney, pension expression of wishes and any other legal documents that may have named your ex-spouse.
You also need to ensure that the financial consent order is adhered to. There may be pension shares that you need to transfer from your ex into a pension for yourself or a lump sum to invest for income. Alternatively, you may be in a position where you have shared your pension and investments. You may wish to plan to rebuild these assets. It is a good idea to speak to a financial planner for professional advice in either of these situations. Please get in touch with us if we can help.
You should review your financial protection policies to ensure that they provide cover that is relevant to your current circumstances. You may have policies held in trust and wish to alter the trustees or beneficiaries now you are not married.
Additionally, you may need to transfer a property to your ex or to yourself. This may also involve transferring a mortgage into your name or removing your name from a mortgage. You are likely to need a conveyancing solicitor for this process, and possibly also a mortgage adviser. Don’t forget to update your address if you have moved.
Moving forward, you should also update your bank accounts, investments, and insurance policies to reflect your new status. It is a good idea to create a spending plan that aligns with your current income and expenditure.
Going through a divorce can take an emotional toll. You may be feeling guilty or that you have failed in some way. Seek emotional support from friends, family, or preferably professionally from a therapist. Different people benefit from different types of therapy and there are many available. If the first kind you try doesn’t work, don’t give up. It is worth trying others. It is essential to take care of your mental and emotional well-being. You should prioritise self-care; Take up new hobbies, exercise, make time to relax. Self-care is a crucial part of healing and moving forward.
Remember that healing and moving on after a divorce is a unique journey for everyone. It’s essential to prioritise your well-being and make choices that align with your personal goals and values, but also to take care of the post-divorce admin. Surround yourself with a support system that can help you through this transition period.
Tamsin is a Chartered Financial Planner with over 20 years experience. She works with couples and individuals who are at the end of a relationship and want agree how to divide their assets FAIRLY without a fight.
You can contact Tamsin at email@example.com or arrange a free initial meeting using https://bit.ly/SmDiv15min. She is also part of the team running Facebook group Separation, Divorce and Dissolution UK
Tamsin Caine MSc., FPFS
Chartered Financial Planner
Smart Divorce Ltd
P.S. I am the co-author of “My Divorce Handbook – It’s What You Do Next That Counts”, written by divorce specialists and lawyers writing about their area of expertise to help walk you through the divorce process. You can buy it by scanning the QR code…