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Building Financial Confidence After a Divorce: You Got This

Building Financial Confidence After a Divorce: You Got This

April 05, 2023

Whether you were the one who handled the family money, or your husband was…chances are you could be feeling a little insecure about your finances after your divorce.

Statistically, women are less likely to have less confidence than men when it comes to investments and financial security: “Only 9% of women think they’re better investors than men are.”

(Make sure you read to the end of this article to get the rest of that quote.)

While you are likely emotionally reeling from the divorce process, it’s important to remember that in all aspects of your life, you’re now in control. Let’s talk about the steps you can take to get back on track on your terms.

First: Acknowledge Where You Are

Going through a divorce is a lesson in the grieving process. Whether it was your decision, his, or mutual, the bottom line is that you’re grieving the life you dreamed about on your wedding day. This is no small thing. Take the time to feel all the feels, whether it’s sadness, fear, relief…or everything all at once.

Think about what feels overwhelming and where you might outsource. Finances are a good place to start.

Second: Find Someone Who’s in YOUR Corner

While I always hope that women utilize the services of a CDFA® during the divorce process, I know that’s not always the case. If you’re at the beginning of your divorce and you would like to know more about what a CDFA® does, CLICK HERE.

If your divorce is settled and you’re ready to move forward this is the best part: YOU get to choose who you want to work with when it comes to your finances.

While you want to make sure you work with a trusted professional (CLICK HERE for questions to ask when interviewing a financial planner), you should also keep in mind that this is someone you should feel personally comfortable with. Among the standard questions about professional qualifications, ask yourself, “Would I feel comfortable calling this person when major life events occur? Would I look forward to or dread my regular financial planning review?”

When you leave your financial planner’s office, you should feel empowered to make big decisions and like you have the support you need. No advisor should ever talk down to you or belittle your financial knowledge. If that happens, get the heck out of there!

Third: Congratulate Yourself

As you keep moving forward into this new life, you’ll likely find that the more you figure out on your own, the more empowered you feel – and that includes managing your money.

The first time you do something you normally would have waited on your spouse to take care of or make a major decision on your own…these are moments to be celebrated. Yes, I know it’s not an easy road but there are many people out there who can’t wait to help you.

Now…the rest of that quote above:

“Only 9% of women think they’re better investors than men are. However, women are less risk-averse and tend to seek financial advice, so their investments often perform better.”

You got this.