Divorce & Dollars: 7 Smart Financial Planning Tips for a New Start

Divorce & Dollars: 7 Smart Financial Planning Tips for a New Start

By Nancy Hetrick, CDFA On 10/06/2025

How Financial Planning Month Empowers You to Navigate Divorce with Confidence

October is Financial Planning Month, an annual reminder to take control of your financial future and make informed decisions for yourself and your loved ones. For those who are facing divorce, this month offers a timely opportunity to focus on financial resilience and thoughtful planning. Divorce is not merely a legal event—it is a pivotal financial turning point that can affect everything from your day-to-day budget to your long-term retirement goals.

As overwhelming as it may feel, approaching divorce as a financial planning challenge can empower you to move forward with clarity and confidence. By taking stock of your resources, understanding your rights, and working with trusted professionals, you can put the building blocks in place for a secure post-divorce life. Below are seven essential tips to guide you through the process and help you come out stronger on the other side. 

If you have not been the financial manager of your household, you may find some of these steps intimidating and potentially even impossible. Adding a Certified Divorce Financial Analyst (CDFA®) to your team of professionals will be critical to ensure accuracy. A CDFA® professional will partner with you through the process to make sure you have all the necessary information for the financial decisions that need to be made.

7 Tips for Successful Financial Planning During Divorce

1. Gather Your Documents: Organize all relevant paperwork—bank statements, tax returns, loan information, and investment records. Having everything accessible will help streamline negotiations and legal proceedings. 

2. Understand Your Assets & Debts: Create a comprehensive inventory of what you own and what you owe. Knowing your financial landscape is critical when discussing settlements or division of property. 

3. Set a Realistic Budget: Redefine your financial goals and budget for your new circumstances. Consider all sources of income and necessary expenses to avoid surprises and maintain stability.

4. Consult Professionals: Seek guidance from a CDFA® financial planner and a divorce attorney. Their expertise can help you avoid costly mistakes and ensure that your financial interests are protected.

5. Protect Your Credit: Monitor your credit report regularly and close or separate joint accounts to safeguard your credit and prevent future financial complications.

6. Plan for the Future: Think ahead regarding retirement savings, insurance policies, and college funds for children. A proactive approach will set you up for long-term success.

7. Prioritize Self-Care: Remember, financial health goes hand in hand with emotional well-being. Take time to care for yourself as you navigate the changes ahead. A divorce coach or therapist can be very helpful in this challenging time.

By making financial planning a priority during divorce, you’re giving yourself the best chance for a brighter, more secure future. Let Financial Planning Month inspire you to take action—your future self will thank you for every step you take today.

Tagged with: divorce financial planning month, tips, divorce help

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