Episode 179: On this episode of the Where Our Money Went series, we’re talking about managing financial expectations during a divorce. We’re taking a deep dive into investing and planning for the future.
Investing in Mediation
When possible, using mediation can help a couple work through the divorce process without going to trial. The mediation process itself costs around $1000, in addition to lawyer fees. Through mediation, the two parties go back and forth to try and find an arrangement.
If the process fails, a trial is necessary. For Sean, the mediation and lawyer fees has cost around $10,000 in unexpected finances so far. He expects it to reach upward of $30,000 by the time everything is said and done.
Keeping a Positive Mindset
Between the financial implications and emotional duress, it’s no wonder that divorce is one of the most stressful life events that someone can face. When these situations arise, keeping a positive mindset and trusting the process is essential for long-term wellness.
Reminding yourself that it’s all leading to something better and focusing on the future can help you process these events. Have faith and keep moving forward.
Adjusting Investment Plans
Divorce has a long-term impact on your financial plans. This is especially true for members of the financial independence community and FIRE movement. On the plus side, it has helped the 2 Frugal Dudes develop new insights into investment planning.
Sean has had to adjust his investment and early retirement plans and has made the informed decision to invest in only US stock going forward. Tune in for the full breakdown and some valuable insights from the recent Virtual Investing Workshop.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.
Episode 178: Tune in for tips for personal finance for self-employed individuals. We’re covering financial planning when living on an inconsistent income for side-hustles and entrepreneurship. The Challenges with Self-Employed […]