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Ask an Expert – How Do I Take Control Of My Money In Separation and Divorce?

Jason Conger Financial Advisor

Answered By
Cherie Morris – Financial Advisor – cherie@deardivorcecoach.com

Question

 How Do I Take Control Of My Money In Separation and Divorce?

Answer

This is a very common question especially if you have not been the primary earner or have not taken control of the finances in your marriage. It is important, right away, to insist upon a neutral financial analysis. This is critically important to understand your assets, liabilities as well as what may be possible next too.

How do you do this?

You should research a financial professional who is an expert in doing a neutral financial analysis in divorce and then talk to them. Do you feel comfortable with what they need and how they talk to you too? Is there fee reasonable (this can cost a few thousand dollars)? If so, make this, more than anything besides self-care and taking care of your children, your highest priority in divorce.

This may define what your life looks like next so it is a critically important step. If you need to educate yourself about your money as well as your debts, do so! In addition, if you do not have your own credit, establish some right now! Research, perhaps with your financial professional, the best option for you and start using a credit card in your name only to establish a separate credit rating. You will be glad you did.

At each stage of this process, remind yourself that you deserve to understand your money and have a responsibility to do so too. It is not embarrassing to not know about it and you should not feel shame or guilt that you need to educate yourself. If you have these feelings, consider coaching to support the process. A good divorce coach will work right alongside you and your financial professional to make sure you are able to show up to do the work needed now so your next chapter is the best it can be!

You deserve to understand your money and have a responsibility to do so too. It is not embarrassing to not know about it and you should not feel shame or guilt that you need to educate yourself.                                 

We will provide you useful and timely information you can use to be #financiallyfearless