Divorce marks a significant change in the lives of Arizona residents, and many of those changes are positive ones. Once an individual has transitioned from married to single, he or she can begin charting a new course for life, one that is based solely on individual needs, goals and desires. Reaching a new level of financial savvy is often a primary goal during this period of transition, and it can be a powerful aspect of shaping a new life. Divorce is as much of a new beginning as it is an end, and those who are able to embrace the changes ahead can have a far easier time than those who cling to the past.
Once a divorce has been made final, each spouse will have a new set of assets that differ from the body of wealth that was held within the marriage. Understanding how to manage that money is important and is a skill that should be strengthened as quickly as possible. There are a number of ways to improve one’s financial know-how, and there is no such thing as a one-size-fits-all approach.
Some people are drawn to a classroom environment, where a group of students will learn new skills and improve on existing strengths together. Classes in financial topics are often offered at local community centers or community colleges, and can be a great resource during this time. Others prefer a more individualized approach and may choose to work with a financial advisor to go over needs and goals.
Once an Arizona resident has outlined his or her goals, the next step is to put those plans into action. Here again, many people find it beneficial to work with a professional, especially in the first few months after their divorce. Restructuring one’s investments, debt and savings to meet their altered needs and goals may take some time, but the end result is well worth the effort.
Source: The Huffington Post, “8 Tips to Keep From Being Taken Advantage of Financially in Divorce“, Karen Covy, Jan. 29, 2016