A successful divorce marks the end of a marital union, and the beginning of a new life. This may be very disorienting for some women. After a divorce, there are many things for you to organize.

Life After A Divorce – How To Cope?

The divorce does not only bring emotional pain, but also financial disorder. More often than not, the financial havoc that follows after a divorce affects the wife greater than it does the husband. According to a report, a woman generally experiences a 45% decrease in her standard of living after going through a divorce. On the other hand, a man generally experiences a 15% increase in his standard of living.

Despite the gloomy statistics, it is best to just look forward, and rebuild your life as best as you can. One of the most important things that you have to quickly put in order is your finances. This is even more crucial if you get custody of your children.

To get your financial life in order, you must take specific actions as soon as you are able to.

  1. Be aware of what you have and what you need.

The first step to getting up to speed on your money matters is making a financial inventory. After the divorce, find out what you have and what you owe. This is about setting your own financial landscape. During your marriage, you and your husband probably made a long-term financial plan for your family. After the divorce, you must come up with your own plan. In order to do this, you must first update your financial information.

Determine the assets that you have. These include cash, stocks, properties and even antiques. After that, determine your financial objectives. These include saving for the education of your child, and saving for your retirement. Once you have painted a complete picture of your finances, it will be easier for you to make important financial decisions.

  1. Make a budget.

When making your budget, remember to let your income drive your expenses. Unfortunately, this may be easier said than done. After the divorce, your income may significantly decrease. The key here is to avoid spending beyond your means. Keep in mind your financial objectives, and focus on what you really need and not just on what you want.

Base your budget on your new goals, and not on your former lifestyle. Take into consideration any settlement payout that you will receive, and your living expenses. Moreover, when making your financial plan, consider starting an emergency fund and a retirement fund.

  1. Seek professional support.

If you need help, do not be scared to get help from a financial advisor. If you do not know something, ask. It is easy for other people to take advantage of you if you do not know much about finances.

With the help of a good financial adviser, you may be able to quickly put order in your financial life. Before hiring anyone, talk to several financial firms. Choose the advisor that you are most comfortable with. Also, do not forget to check references.

  1. Take it slow.

In some cases, emotional pain may hinder logical reasoning right after a divorce. As such, some financial consultants advise against making decisions that may increase financial risks a few months after the ordeal.

More information: Marriage Matters and Divorce Issues.

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).

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