Divorce is typically an incredibly emotional experience. All sorts of strong feelings can arise when bringing a marriage to an end. The strong emotions related to a divorce can have the potential to affect a person's decision-making abilities. For example, the flurry of feelings from a divorce could cause a person to want to take rash actions that, under normal circumstances, they would not be inclined to take.
This is among the reasons why many experts recommend that divorcing individuals wait a half-year to a full year when it comes to making big financial decisions that are not very time-sensitive. Given the massive long-term impacts major financial decisions can have, it is generally best not to make such decisions impulsively or in an emotionally-driven matter.
Now, of course, there are some post-divorce financial decisions that can come up that are time-sensitive and that cannot be put off. A wide range of things can affect whether a given post-divorce financial decision is one that has to be made promptly or one that can be put off until the emotions, hurt and shock of a divorce are less fresh. This is among the reasons why having a firm grasp of one's overall financial situation can be so vital when thinking about financial matters following a divorce.
Among the time-sensitive financial decisions that can come up for divorcing individuals are decisions regarding finance-related matters in their divorce proceedings, such as decisions related to the issue of property division. When making such decisions, it is important for a divorcing individual to not let emotions drive their decisions, but rather to focus on careful consideration of what is best for their overall interests. Divorce attorneys can help individuals with keeping proper prospective and with having the information they need to help stay focused on what is important when making major decisions in divorce proceedings.
Source: CNBC, "Suddenly single? Wait before tackling money matters," Anna Robaton, Sept. 28, 2015