Divorce is almost always a sad turn in life. It certainly is not the Christian ideal nor is it ever the plan. Life does not always go according to our plans, though, and life does not always snugly fit into our box of ideals. As such, today we’ll take a look at the impact that a divorce can have on ones finances.

When the initial emotions surrounding a separation begin to subside, individuals must look toward the practical aspects of their newly altered finances.

Married finances are quite different from single finances and many divorce proceedings will greatly revolve around financial issues. The Financial Planning Association cites divorce as one the leading causes of bankruptcy in America. The hurt feelings that are often involved in a divorce mixed with the powerful emotions surrounding our money can be a recipe for trouble.

We must keep in mind that we are to imitate Christ in all of our dealings, even with an ex-spouse and even when money is involved.

The Golden Rule

The funny thing about Christ’s admonition in Luke 6:31 (a.k.a.The Golden Rule) is that we easily forget that it does not only apply in certain situations.

If someone cuts you off in traffic or your neighbor lets their dog tear up your trash those are times to use The Golden Rule. If you have been betrayed by a spouse and are facing a complicated divorce this does not mean that all bets are off and it’s every man for himself! This is not scriptural- we are to behave as Christians even under the worst betrayals.

Personal Security

This is not a time to let your basic financial sense be thrown out the window.

The tenants of sound financial action that held true for you as a married couple still hold true for you as a divorced person. You still need an emergency fund set aside for unexpected expenses. You still need to be paying down debts. Even if you are distraught emotionally and strapped for cash, maintain those basic best-practices.

Who Pays What?

Very early on in a separation or a divorce you should establish who is responsible for which debts. A couple will often work together to pay down things such as student loans, car payments and medical bills. However, just because you were married does not mean that all of your ex-spouse’s debt is your responsibility.

Figure out which debt you are legally responsible for and continue to consistently pay it. If you can continue to work as a team, do what is necessary to ensure all debts continue to be paid so that your credit reports do not suffer.

Legal Investment

While it would be ideal to have a friendly and well-mannered separation, it is not always the case.

If you sense a difficult divorce, consider the use of an attorney. Think of the money you will have to pay for legal representation as an investment. If you invest in a good lawyer you increase your chances of coming out on the other side of your divorce without too much financial damage to your financial plans.

Divorce laws can be a complicated labyrinth of loopholes that could be used to your detriment. Having a lawyer you can trust will guide you through this confusing process.

Change of Beneficiaries

Do not overlook small details such as who is the beneficiary on insurance policies and other financial accounts.  Make sure to change this information very soon after your divorce so that it does not negatively affect your family in the event of your death.

Tackling Retirement Alone

In most cases couples have planned their retirement investments with the thought in mind of growing old together.

When a divorce has changed that scenario it is important to take charge of your own retirement plan. If you had left much of the financial planning up to your spouse then it might be a good idea to consult with a Christian financial advisor so that you will be aware of what all of your options are and you can start making decisions that are good for you.

Scary but Necessary

Taking control of your own finances and facing life as a single, divorced person is scary, but there is always a silver lining.

Having sole control of your finances, savings and investments can also be an empowering feeling that you may not have been able to enjoy while married. Use this time to take control and find out just what you are capable of. You might be surprised at just how capable you are.