Some Massachusetts couples share in the decision-making in all aspects of their relationships. They discuss what they will purchase, how they will invest their money, and if they will make expenditures that could deplete their savings. For other couples, however, financial decision-making power is placed on one partner. That partner handles all of the major buying and investing decisions for the couple, and the one defers his or her opinions to the choices of the other.
When couples that fall into the latter camp choose to divorce, though, partners who have not been privy to financial decision-making can find themselves at a disadvantage. They may be inexperienced with budgeting and other important financial planning skills. Once they are divorced and living on their own, they may be poorly equipped to deal with the money matters that their former spouses once handled for them.
A financial planner offered some advice for newly divorced individuals who are not confident in their financial management skills. He suggests that such individuals make priorities about what they want to achieve with their money and plans for how to achieve those goals. He further suggests that newly single individuals live within their means and take responsible risks with their money to help it safely grow.
The end of a marriage can bring many financial concerns to a person who has not been responsible for managing money during the tenure of his or her marital union. However, a divorcecan leave a person with the opportunity for a fresh financial start. Though financial planners can help newly divorced individuals set themselves up for success after their marriages end, divorce attorneys can also help their clients understand the property and financial settlements they will receive through their divorces and how those settlements may be used as the bases for their new single lives.
Source: Time, “10 Steps to Financial Recovery After a Divorce,” Joe O’Boyle, Oct. 14, 2015