Whatever the reason, getting used to life as a single person after years of marriage is one of the most stressful experiences imaginable. It’s essential to undergo a thorough financial planning process to make sure you’re on the right track – but not right away.
Experts say you’ll need time to process the emotions associated with a divorce or the death of a spouse. Rash decisions made during this period can backfire. But when you feel ready, make a new budget based on your new income and expenses, and do a thorough evaluation of your longer-term financial picture, including the state of your retirement plan and/or retirement income.
A financial advisor can help make sure you have a clear-eyed view of your situation and options and assist in creating a sound financial plan for the future.