Financial Independence

Reclaiming financial independence following divorce

The financial stress of a divorce is a frequently discussed topic. Alberta individuals and couples at every stage in a divorce have questions about how to pursue the dissolution of their marriage without creating a seemingly impossible level of financial stress. Navigating divorce mediation in the right way, connecting with helpful professionals and downsizing where appropriate can make a significant difference in one’s financial well-being following a divorce.

While it might mean upfront costs, having the right professionals in one’s corner can make a big difference in the ultimate result of a divorce. Without solid financial and legal advice, it is possible to miss important factors and to be ill-equipped to make decisions in a divorce. This does not necessarily mean upfront expenses need to be extreme; looking into options such as divorce mediation can provide the appropriate expertise without the ongoing expense.

Thinking outside the current reality is also important for those divorcing. Often, people attempt to maintain their previous lifestyle following a divorce, even though their bank accounts and income are significantly more limited. While it may not be the first choice for many, downsizing, getting a better job or making lifestyle changes can help fill in the gaps. 

It is important for those going through a divorce to avoid expensive ways of managing divorce-related stress, such as “retail therapy.” Building or rebuilding a career, deciding what to ask for in divorce mediation and following up on friendships that may have been neglected during the marriage are much better ways to direct one’s energy. Alberta individuals should also seek legal guidance to ensure they are getting a fair and equitable agreement from their divorce, so they are starting out on the right foot.

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