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Talking about finances may be helpful post-divorce

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Talking about finances may be helpful post-divorce

| Apr 9, 2019 | family law |

When people get a divorce, they sometimes feel a certain amount of shame for having gone through such a difficult event. Despite the fact that a large percentage of people in Texas and across the country are divorced, the stigma attached can be too much for some people to deal with. In particular, people are often reticent to share details of any of the financial hardships that can come with a divorce. Experts say that this reluctance may be unhelpful and that, contrary to popular belief, it can actually be beneficial for a person to openly discuss their financial situation, in the right circumstances.

One study showed that over half of divorced people in the country rarely discuss their financial situation with the rest of their family. In comparison, among all survey respondents, only 27 percent felt uncomfortable bringing up money matters to loved ones. The same study found that a higher percentage of divorced people feel that they do not make enough money to care for themselves and that they allocate more of their income to debt than savings. What these statistics reveal is that many people feel ashamed about the state of their finances after divorce.

Telling other family members about one’s money struggles can eliminate the stigma and override negativity, but it is still a good idea to keep certain details private. For example, it is good for a parent to reassure his or her children regarding the family’s financial stability. Also, other well-meaning family members may try to give advice that is not beneficial. Lastly, it is always a good idea to involve an impartial third party, such as a professional financial planner.

No matter the circumstances of a divorce, no one should ever feel ashamed for going through the process. Texas residents who are considering a divorce may find the advice of an experienced family law attorney to be beneficial. A professional can help to keep emotions in check and to focus on the bigger picture.