Going through a divorce in Tennessee leaves you with no choice but to adjust your life plans. In addition to the mental and emotional turmoil brought about by a divorce, the end of a marriage also leaves you in a position to make some financial changes.
Protect your children
If you’re a single parent as the result of a divorce, put some plans in place that protect your children if something happens to you. In addition to ensuring you have enough life and disability insurance to provide for them financially, create an estate plan that designates someone to assume custody of your children.
Explore your employee benefits
Many employers allow employees to enroll in new employee benefit programs after a major life event such as divorce. Get a list of all the benefit programs your employer provides and enroll in the ones that make sense for you. Group health insurance, group life insurance and qualified retirement programs provide unique benefits.
Consider your long-term goals
No one goes into a marriage planning on getting divorced, but things happen and marriages end. As a single person, you will probably need to reconsider your retirement age, college funds for your children and more. Take careful inventory of your long-term goals and make adjustments when necessary.
Building a support system
When going through something as tumultuous as a divorce, you shouldn’t have to go through it alone. Surround yourself with people who can encourage you and help lessen the stress that you’re dealing with.
Even if your divorce shocked you, you can make plans for the next phase of your life. These plans protect you and your children as you move forward.