Building a foundation for financial stability after a divorce

On Behalf of | May 17, 2024 | Divorce, Property Division

Divorce is one of life’s most challenging events, especially when it means stepping into the world of financial independence.

If you left your career during your marriage to support your family or home, the thought of financially supporting yourself post-divorce in Washington State can be scary. However, with the right approach and resources, you can lay a solid foundation for your financial future.

Starting strong: Informed, savvy negotiation

The first step in building financial stability is to ensure you have the tools to fight for yourself during the divorce negotiations. Now is not the time for shortcuts; securing the right settlement is crucial.

  • Understand your worth: Do not underestimate the value of your role in the marriage. All contributions – financial and otherwise – have value when determining how to divide money and properties fairly and equitably.
  • Know your assets: Familiarize yourself with all marital assets, including retirement accounts and property, to ensure an equitable distribution.
  • Consider long-term security: Think carefully about whether sustained support or immediate but short-lived benefits would be in your best interests.
  • Demand accuracy: Unfortunately, not everyone plays fair in a divorce. Your ex might lie about assets, undervalue property, or misrepresent aspects of your marriage to try to get the financial upper hand. Scrutinize settlement information with legal and financial professionals before agreeing to anything.

These measures can help you build your financial future on solid ground. The last thing you want is to learn months or years later that you overlooked options or left money on the table.

Getting help to get a fair settlement

Divorce is complicated, and it can seem overwhelming to try and deal with all the details, options and laws on top of worrying about your financial situation post-split. Thus, getting help is essential. Consider working with:

  • An attorney who understands the nuances of Washington’s divorce laws.
  • A financial advisor who can provide clarity and help you formulate a long-term financial plan.
  • Career coaches or trainers who can help you re-enter the workforce or gain new skills relevant to today’s job market.

Between a solid foundation and professional guidance, you can feel confident in your decisions and financial future.