After the firestorm of divorce has finally abated and the scorched earth of reality is there for all to see it seems to me that very often one of the two newly single people is often much better off than the other.
Curious really given that the whole idea of the divorce financial settlement is to leave each of the divorce survivors in similar financial circumstances. This financial imbalance appears to have no gender bias.
Planning your life after divorce
Whether you are the ‘I'm a lot better off than I ever imagined' or the ‘How the f**k did he/she get all the money and the pension rights' the key to building upon, or recovering from, your situation is financial planning. Boring as it sounds you really should be doing some, right now.
There are only two things that matter in a divorce. The children must come first, then comes the division of the remaining assets accumulated between you over the marriage. Unfortunately it is hard to separate the two elements; the financial provision for the children will impact upon the financial position of both of you in the future.
The best strategy
Perhaps the best strategy is to try to agree your children's needs first and then ring fence that money before doing what most divorcing couples do best. Fighting for what's left. This can be an exhausting and soul destroying process best substituted by rational and reasonable discussion. This rarely happens.
Two key phases in the divorce process
There are two phases in the financial process of divorce. Firstly to negotiate (and sometimes fight for) a fair share of the family assets and secondly use your share wisely to provide for your future. Whatever your age these are crucial stages in securing your post divorce wellbeing. An Independent Financial Adviser (IFA) can give advice during both of these phases. Making key decisions under great stress without expert advice can be very risky.
Getting the best outcome
The divorce financial settlement is a complicated business, combining the law, finance and lots of raw emotion. It is often a time when rational decision making can be difficult in an environment of see sawing emotions and great stress. You need the help of an IFA to guide you through what is possible, what is sensible and above all reasonable.
Making the best of what you've got
This is key. Whether you have loads of dosh or just enough to stay alive it's vital to plan so as to make the best of your financial future. This future is likely to be as uncertain as your past. You will probably have a new partner, maybe a new family or just an interesting new life after divorce.
To help you achieve your goals the financial planning skills of an IFA. And don't forget it is really important to write a new will, so that after all that hard work your final wishes are carried out.