Divorce can be a difficult and emotional time for anyone, but it can be especially challenging for women. Not only do women often take on the primary caregiver role for children, but they also tend to have fewer financial resources and earning power than men. As a result, it’s important for women going through divorce to make smart financial decisions that will help them secure their future.
Here are eight investments that all women going through a divorce should consider.
1. Legal Representation
One of the most important investments a woman can make during a divorce is in legal representation. A good divorce lawyer will help you navigate the legal system, ensure that your rights are protected, and negotiate a fair settlement on your behalf.
2. Your Children
As a non-custodial parent, you would have an average of 88 days with your child in a year. If this is your situation, it’s important to invest time an energy into your children while they’re in your care. As you don’t have many days with them a year, you should do your best to make the most of every moment.
3. Personal Organization
According to Onedesk, approximately 57% of women have said that they have issues organizing their closets. Investing in personal organization tools and services can help you get your life in order, which can in turn help you feel more in control and less stressed during the divorce process.
4. Professional Counseling
Going through a divorce can be a traumatic experience, and it’s important to invest in professional counseling to help you process your feelings and work through any emotional issues that may arise.
5. Homeowners Association
According to RubyHome, more than 74 million people in the U.S. live in HOA communities. Investing in a home in an HOA community can provide you with a sense of security, as well as access to community amenities and services.
6. Retirement Savings
It’s important to make sure that your retirement savings are protected during the divorce process. Consider working with a financial advisor to develop a retirement savings plan that will ensure that you have enough money to support yourself in the future.
Investing in your education can help you to increase your earning power and improve your job prospects. Consider taking classes or earning a degree that will help you to advance in your career.
8. Emergency Fund
An emergency fund can provide you with a financial safety net during the divorce process and beyond. Consider setting aside a portion of your income each month to build an emergency fund that will help you to cover unexpected expenses.
In addition to the above investments, it’s also important for women going through divorce to review their current insurance policies and make sure they are adequately covered. For example, you may need to update your health insurance coverage or consider purchasing life insurance to ensure that your children will be taken care of in the event of your untimely death.
Another important investment to consider is in your own physical and mental well-being. Going through a divorce can be a stressful and emotional experience, and it’s important to take care of yourself during this time. Invest in activities that you enjoy, such as exercise, yoga, or meditation, and make sure to take the time to rest and relax.
Finally, it’s important to remember that the divorce process is not something that you have to go through alone. Surround yourself with a support system of friends, family, and professionals who can provide you with emotional support and guidance as you navigate this difficult time. It’s important to remember that you will get through this and that you deserve to be happy and financially stable in the future.
Divorce can be a difficult and emotional time, but by making smart financial and budget decisions, you can help ensure that your future is secure. Consider investing in legal representation, childcare, personal organization, professional counseling, a home in an HOA community, retirement savings, education, and an emergency fund. These investments will help you to navigate the divorce process and secure your future.