From the Book: Divorce Amicably
This is a chapter summary from Chapter 6 of Divorce Amicably, a guide to navigating separation with dignity and cooperation.
Chapter 76 Author: Andrew Hatherley (CDFA, CRPC)
Andrew Hatherley is the founder and CEO of Wiser Divorce Solutions, LLC and Transcend Retirement, LLC and the host of The Gray Divorce Podcast.
Andrew founded Wiser Divorce Solutions in 2017. After going through his own divorce, Andrew decided to help others avoid the financial and emotional stress so common to the process. Andrew earned the designation Certified Divorce Financial Analyst® and is trained in both divorce mediation and Collaborative Divorce.
Immediate Financial Steps After Divorce
The period immediately after divorce is critical. Delays in executing settlement terms can lead to financial loss and unnecessary stress.
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Organize Everything: Close joint accounts, cancel authorized user access, retitle assets, change passwords, and confirm your name change with financial institutions.
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Review Credit: Check your credit two months post-divorce to ensure no joint accounts remain.
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Retirement Accounts: Work with your attorney and financial advisor to ensure QDROs are filed, and consider rolling 401(k) funds into an IRA.
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Taxes: Meet with a tax professional to determine your new filing status, share your decree, and prepare for changes in deductions and obligations.
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Insurance: Update beneficiaries, secure required life insurance, review health, auto, and homeowner’s policies, and consider long-term care or disability coverage.
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Estate Planning: Draft a new will or trust, update powers of attorney, and reevaluate Social Security benefits, particularly if your marriage lasted ten years or more.
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Real Estate: If keeping the marital home, be prepared to refinance. Work with a certified divorce lending professional to ensure financing transitions smoothly.
Building Your New Financial Foundation
Beyond the immediate tasks, you need systems that allow you to measure progress and regain financial stability.
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Create a Budget: Track income and expenses realistically, including job income, support, and investment returns. Cut discretionary costs where possible, and prioritize paying down high-interest debt.
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Track Your Net Worth: Create a quarterly net worth statement (assets minus liabilities) to measure improvement over time. Even small debt reductions can strengthen your financial outlook.
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Rethink Priorities: Divorce often reshapes what matters—luxuries may give way to experiences, or travel may replace material purchases. Align your spending with your values.
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Leverage Tools: Platforms like dtour.life can help track balances, budgets, and documents, offering structure during the transition.
Financial Stability After Divorce
Rebuilding financially is not about immediate wealth—it’s about steady progress and discipline. Using budgets and net worth statements as your yardsticks helps you stay on course. Those who embrace financial education and commit to monitoring their money consistently emerge not only more secure but often more confident in shaping their new lives.
Moving Forward with Confidence
Divorce is a turning point, but it can also be the beginning of financial empowerment. By taking proactive steps, surrounding yourself with the right advisors, and tracking your progress, you can rebuild with clarity and confidence. Divorce Amicably offers strategies, insights, and tools to guide you through this journey—secure your copy today and take charge of your financial future.
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