How a financial plan could help you feel in control following a divorce

Going through a divorce is difficult, and it’s normal to experience a sense of loss of control. It can be tempting to turn away from difficult topics, such as those around your finances, because they feel overwhelming. However, tackling them head-on could help you regain your confidence and offer clarity about your future. 

If you’re recently divorced, here’s why you might want to make your financial plan a priority. 

A financial plan can help you assess what’s important to you

A relationship breaking down might mean your priorities and goals have changed. Your financial plan starts by helping you understand what your objectives are. As a result, it can provide you with a chance to think about what you want from life.

Previous goals may have been tied to your ex-partner, and it might feel as though you’re starting from scratch. For some divorcees, this can be a liberating opportunity to set out a new path, but for others, it can leave them feeling lost.

Speaking to a financial planner could help you assess what’s most important to you. 

You’ll often also find you have competing priorities. Multiple goals can be difficult to manage at any point in your life, but especially during a period of potential upheaval.

You might be trying to juggle finding a new home to live in immediately with a medium-term goal of purchasing a property, and a long-term plan to pay off a mortgage before you retire. A financial plan can help you balance short- and long-term goals.

A financial planner can help you take emotions out of financial decisions 

It’s normal to feel emotional when you’re going through a divorce. However, it’s important to note that strong emotions could harm your ability to make good financial decisions.

Working with a professional financial planner means you have someone to talk to about your finances and options. It could give you a much-needed sense of perspective and a clearer understanding of how to progress towards your goals. Rather than reacting to emotions, you may find you’re in a better position to make intentional decisions with a clear financial plan.

A financial plan can help you understand your new financial circumstances 

If your finances were previously linked with your ex-spouse’s, your financial circumstances might be very different now.

Your household income and expenditure are likely to have changed, so reviewing your budget could be valuable. Depending on your circumstances, you may have new outgoings to include, or you might benefit from considering the effect of splitting your assets during the divorce. 

If your divorce occurs while you have dependent children, you might need to factor in the additional cost of child maintenance or maintaining a larger home so you can share custody. 

Those divorcing later in life could find that it has a significant impact on their retirement plans. 

According to research from L&G (5 January 2025), people who divorced after the age of 50 struggle to rebuild their savings (24%), and 13% say they will never financially recover. 1 in 7 later-life divorcees expect to delay their retirement as a result. 

A financial plan can help you get to grips with financial tasks like managing debt, investing for your future, or creating a financial safety net.

Even if you previously felt confident handling your finances, that may have changed following a divorce. Sudden changes to your household income and the responsibility of having to make all the decisions yourself can take a mental toll. 

A tailored financial plan could help you feel more confident about your current financial position and the steps you’re taking, so you feel in control. 

Contact us

We can help you review your financial plan following a divorce. Remember, your financial plan will evolve. Working with your financial planner on an ongoing basis could ensure it continues to reflect your life. 

Please get in touch to arrange a meeting. 

Please note: This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.