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How to Handle Your Finances After a Divorce - YouTube
Channel: The Rachel Cruze Show
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- So the hard thing about
life is that stuff happens
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that you don't plan for.
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And one of those is divorce,
and it's extremely stressful.
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It's extremely heartbreaking
for everyone involved.
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It's one of the most stressful, sad things
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that you can go through in life,
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and unfortunately it affects your money.
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And so a lot of the time I
get questions about this.
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"Hey, Rachel. I'm getting
divorced. What do I do?"
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And so you have to realize that
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a lot of things can't be guaranteed,
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but there are two things
you need to remember.
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Number one, you will survive this,
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that you can move past it.
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It's heartbreaking, it's excruciating,
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but you can survive this.
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And number two,
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it doesn't have to cause
a financial fallout.
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You can take the steps to
be wise with your money
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and be smart for the
future during this time.
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So there are five steps I want you to make
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to ensure that financially
you're gonna be okay
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so that you can focus
mainly on what matters.
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So step one,
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the first thing you wanna
do is get a team together.
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You wanna get trusted family members
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and friends around you
for emotional support.
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It's gonna be extremely hard
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and to have someone to talk with you
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through this time is very important.
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You're going to want to
get a divorce attorney
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who will listen to you
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and provide you some
really sound legal advice
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during this time.
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You're gonna wanna contact
a CPA or a financial planner
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to make sure all your investments, taxes,
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everything like that, the big
stuff is going through well.
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And someone that really has
walked with other clients
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through divorce.
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And again, they can help you
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make some really sound
decisions with your money
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during this time.
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You also wanna contact an ELP,
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one of our Endorsed Local Providers,
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when it comes to insurance.
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So there's different options
for insurance like home,
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life, auto,
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any other policies that you
might need going forward.
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And I would also recommend
contacting a counselor, a pastor,
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again, someone that has more
of a professional side to this,
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that can walk you through
the emotions of it
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cause it is extremely painful.
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It can be extremely wounding and damaging
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and making sure you're taking
care of not just your money,
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but your emotional side as well.
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Alright, step two, you
need to know your numbers.
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So gather all the financial
information you can.
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So I'm talking about tax
returns, real estate paperwork,
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retirement, investment accounts,
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I mean anything around that,
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you need to know that
you have those statements
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and you can see the numbers,
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and then check with your attorney
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about opening a new
checking and savings account
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without your spouse's name on them.
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So make sure that they are
removed from those accounts.
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You also wanna update insurance policies
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and change the beneficiaries.
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You wanna make or update your will.
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This is especially important
if you have children.
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So if you have kids, make
sure you update your will.
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Step three, create an emergency fund.
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This is going to be your safety net.
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So during a time like this of crisis,
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and I say this, if it's divorce,
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if there's a death close
to you and your family,
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if there's times of that type of grief,
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you just wanna pause everything.
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Don't make any huge moves
right now with your money,
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but make sure that you are saving.
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Having that safety net
as much cash as possible
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is going to give you that peace of mind.
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Step four, make
adjustments to your budget.
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So make sure you have a budget in place
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and then ask yourself the big questions.
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Are you going to be selling your home?
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Do you think you need to downsize?
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And make sure you make a budget
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and you tell every single
dollar where it's going.
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And remember, right now,
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your main focus is to stockpile cash.
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So anywhere you can cut
back on your lifestyle
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is really wise.
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And again, this is for the short term
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to get some cash in place,
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and then in the future,
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you can add some money
back to your budget.
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And step five, last but not least,
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take a deep breath and just stay focused.
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For me, journaling really
helps during times of grief
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and sadness, or even times of joy.
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There might be moments that you see
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that light of joy. Write stuff down
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so you can look back
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and you can see God's
faithfulness through this journey,
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even though it's extremely painful,
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but journaling sometimes helps.
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And I would say start small
wherever you are financially,
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whatever that emergency fund
is you're putting in place.
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Start small, those little
steps you take in life,
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will get you moving forward.
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So just know that again, extremely painful
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and I'm so sorry for going through it,
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but you have this and you are not alone.
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Everything you do now,
the decisions you make now
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are really gonna help you
build a new future ahead of you
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and you're gonna get there.
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So if you're going through this hard time,
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click the link below cause
we have our divorce checklist
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and it's really tactical,
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but I think it's a very, very helpful tool
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if you're walking through this process
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to give you the direction that you need.
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And also if you go check out
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the official Rachel Cruze Facebook group,
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there are people in there right now,
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literally going down this path.
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They are in the exact same spot as you
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and finding people that are
going through it for you,
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just for support to talk to
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cause they know exactly what's happening,
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how you're feeling. Go in
there and talk to them.
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Find that community,
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even if it's people you
don't know in person again,
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have those trusted friends and family
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that can be with you in person,
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but sometimes that online
community can help you
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and support you you as well.
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(dramatic music)
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