How to Take Stock of Your Finances After Divorce

To say that divorce is difficult would be an understatement. It’s a heartbreaking event that changes much in your life, including finances. We understand money is not at the top of your list during a divorce. We also know you have so many other worries on your plate, but taking even a momentary step back to consider your financial well-being will help you begin to rebuild your future. 

Financial planners are great resources to look to when you need financial consultation through these tough times. Here are a few ways to keep your financial wellness from suffering during a divorce. 

Step Back, Breathe, and Analyze 

Your world is moving fast, and this transition is uncomfortable. It’s understandable that this time in your life might not be the most rational. You might gravitate toward big financial decisions like moving to a new city, buying a new car, or taking an extended vacation. These coping mechanisms might make your transition more comfortable, but consider pausing to take stock of your financial circumstances.

Before taking the leap, ask yourself, Do I have the financial resources to …? 

Take a second to step back and assess what you have and how a rash decision might lead to financial consequences. Maybe there is a financially responsible way to achieve what you want, but approach the possibility carefully.

Map Out a New Budget

The last thing you want to hear right now is to “make a budget.” Consider that your income and expenses may change dramatically, depending on the level of financial responsibility you shared with your spouse. 

Before you can even begin adjusting, you should know what you’re working with. Take a look at your current financial situation and identify what you’re bringing in and what needs to go out. Even if you don’t rigidly stick to this budget, you’ll have a better sense of what you can afford.

Check Your Beneficiaries

It’s wise to revisit the appropriate accounts on which your former spouse’s name might still be listed as a beneficiary. A few accounts to review are your 401k, life insurance, and healthcare plans. Your financial advisor and your legal counsel can advise you on other accounts you might want to update in terms of beneficiaries.

Seek Assistance

You shouldn’t feel alone in such a difficult situation. Enlisting the help of a financial advisor takes the burden and worry off your plate when finances are the last thing you want to think about. Spend your time taking care of yourself, and let a financial advisor make the transition less challenging than it already is. 

Surrounding yourself with the support you need will be the key to lessening the impact of your divorce, financially and otherwise. Take the time to build a dependable team of people who understand what you’re dealing with and know how to help you get through it.

Learn More

Southwest Investment Group is here to help you through your most difficult financial challenges. Contact us today to learn how we use a holistic approach to get your finances back on track.

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Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.