Mastering health and wealth amid divorce | stop 11 on the divorce map
Embarking on a divorce or separation shifts not only your personal life but also demands a proactive approach to managing two critical aspects: your health and finances. This transitional period is your chance to seize control and navigate toward empowerment and resilience. Additional role responsibilities at this time can make it hard to keep abreast of your health and your wealth. Both are important to your future wellbeing. Here are some of my learnings from this time.
Financial preparedness
Understanding your financial landscape is crucial, whether you've been hands-on with financial matters or are just beginning to delve into them. Keeping detailed records of your expenses from the start of your separation helps you understand your overhead costs and will serve you well in negotiations around settlement and child support. Here's how you can take charge:
Educate yourself: Familiarise yourself with all your assets, debts, and any potential financial obligations. Knowledge of your entire financial picture, including investments, savings, and ongoing expenses, is vital.
Document everything: Ensure you have access to all financial documents, including account statements, deeds, and insurance policies. This transparency will protect you against unexpected liabilities, including those that might arise from shared debts or responsibilities.
Set up safeguards: Establish your own banking setups and, if necessary, make strategic adjustments to joint accounts to protect your financial stability.
Key resources for financial guidance
Services Australia offers support with crisis payments for those severely impacted by separation. More details can be found here: Services Australia - Separated Parents (hyperlink: www.servicesaustralia.gov.au/separated-parents )
MoneySmart provides valuable information on managing finances during and after a divorce. Visit their pages on divorce and separation for more resources: MoneySmart - Getting Divorced or Separating (hyperlink: www.moneysmart.gov.au/family-and-relationships/getting-divorced-or-separating )
Health management
Maintaining your health during this tumultuous time is just as important as managing your finances. Stress impacts your health and can leave you vulnerable. A strategy is key.
Schedule check-ups: Regularly plan medical, dental, specialist and mental health check-ups. Securing these appointments ahead of time ensures that your health remains a priority amidst the chaos.
Commit to self-care: Incorporate activities that reduce stress and increase well-being, such as exercise, meditation, or engaging in hobbies. These practices are wonderful levers to create emotional resilience during and after your divorce.
Research tells us that 40% of women feel they cannot find time to get to the doctor to attend to their health care needs. This difficulty is amplified if you are juggling work and single parenting. It's important to take your health care needs seriously.
Integrated strategies for a balanced approach
Comprehensive planning: Use a systematic approach to address both health and financial concerns. Set monthly reminders to review and adjust your plans as needed, ensuring you are on track to meet your goals.
Professional guidance: Don't hesitate to seek advice from financial advisors or healthcare professionals to tailor a plan that fits your specific needs.
Divorce can be overwhelming, but with a focused approach to managing your health and finances, you can build a foundation for a stronger future. By taking proactive steps now, you are paving the way for not only immediate stability but also long-term resilience and independence.
If you’re navigating through these challenges and need support, my Navigating Divorce Program is designed to help you regain control of your life. Reach out for a complimentary 15 minute call to start turning your post-divorce challenges into opportunities for growth and empowerment.