Starting Over — Financially and Emotionally

Divorce is one of life’s most emotional and financially complex transitions. Beyond the emotional strain, it’s often the largest financial event most people experience.
As a Certified Divorce Financial Analyst® (CDFA®), I’ve guided many clients through this process — helping them not just divide assets, but rebuild their financial lives with confidence and clarity.

Once the paperwork is signed, it’s natural to want to move forward. But taking a few thoughtful post-divorce financial steps now can make a lasting difference in your stability, security, and peace of mind.

1. Reassess Your Financial Plan and Budget

Your life looks different now — and so should your financial plan.
Start by reviewing your income, expenses, and savings. If child support or spousal maintenance applies, factor those in. Create a detailed post-divorce budget that reflects your new lifestyle, housing costs, and priorities.

From there, look ahead. How will you rebuild your emergency fund? When should you restart retirement contributions? A financial advisor can help you align your spending and savings with your long-term goals so you can plan confidently for the years ahead.

2. Update Beneficiaries and Account Ownerships

One of the most important yet overlooked steps is updating beneficiaries.
Check every policy and account — retirement plans, life insurance, investment portfolios, and even joint bank accounts — to ensure they match your current wishes.

Failing to make these changes can create unintended consequences later, especially if your ex-spouse is still listed on key accounts.

3. Review and Adjust Your Insurance Coverage

Divorce often changes your insurance landscape. Make sure your protection still fits your life:

• Health insurance: If you were covered under your former spouse’s plan, you generally have 60 days to secure your own coverage or apply for COBRA. Review your children’s coverage as well.
• Home, auto, and umbrella policies: Verify who’s listed on each policy and confirm that limits reflect your new living arrangements.
• Life insurance: Update beneficiaries and assess whether the coverage amount still fits your family’s needs and goals.
  

Proper coverage protects what you’ve worked hard to rebuild — and ensures your loved ones are secure.

4. Revisit Estate-Planning Documents

Post-divorce, your estate plan must reflect your new reality.
Update or create a new will, power of attorney, health-care proxy, and guardianship designations. If you have children, review how assets will pass to them and who will manage them if something happens to you.

Estate planning isn’t only for the wealthy — it’s the cornerstone of ensuring your wishes are respected and your family is protected.

5. Realign Your Investment and Retirement Strategy

Your goals, time horizon, and risk tolerance likely look different now.
Revisit your investment portfolio with a financial advisor who understands post-divorce planning. Rebalance allocations, reestablish retirement contributions, and ensure your investments align with your new goals — whether that’s stability, growth, or rebuilding over time.

This is also the time to consider tax efficiency, liquidity needs, and the timeline for larger milestones such as retirement or education funding.

6. Build a Team of Trusted Advisors

You don’t have to handle everything alone. Surround yourself with professionals who specialize in the complexities of divorce recovery — from legal and tax advisors to a financial planner with CDFA® expertise.

Having the right guidance can transform uncertainty into clarity and help you make decisions grounded in knowledge, not emotion.

Moving Forward with Confidence

Divorce marks an ending — but also a beginning.
With the right planning, guidance, and mindset, you can rebuild your financial life stronger than before.

At Carver Financial Services, our mission is to help clients live their best lives possible. That means creating personalized financial plans that reflect your new reality, your goals, and your values — so you can move forward with confidence and peace of mind.

If you’re navigating life after divorce and need expert guidance, our team is here to help you design a plan for what comes next.

Any opinions are those of Randy Carver and not necessarily those of Raymond James. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Investing involves risk and you may incur a profit or loss regardless of strategy selected.