Divorce is known for the adverse impact it has on one’s life. A lot of emotional and mental stress is undergone during this traumatic process and its aftermath. Divorce affects your entire family as it undermines your self-esteem, affects your child’s wellbeing and calls for other family member’s adjustment to situation. Divorce also rocks your financial stability powerfully and has a stronger financial impact on your life than buying a house or saving for your retirement.
There are many financial angles to a divorce:
- Child support, child custody, alimony
- Life insurance, retirement accounts, investment accounts
- Savings and asset division
Divorce means that you are on your own and have to singlehandedly deal with and take decisions about your financial planning, health insurance, life insurance, contingencies for unexpected emergencies/tragedies and your child’s education. Key factors that are to be taken into account for financial security are:
ArthaYantra ensures that you don’t lose track of your personal financial planning goals and helps you scout all the possible avenues for a financially stress- free life. Talk to our financial advisor to ensure financial preparedness which keeps you independent, financially comfortable and tension free post divorce.