At the Hulse Law Firm, PC, we recognize that a divorce impacts many areas of your life, and the legal aspect is just a small part of the journey.  I will be providing those that are thinking about a divorce, going through a divorce, or wading through life just after a divorce with some information and resources about those non-legal issues that impact your life through a Guest Blog Series.

For my first guest blog, Kristi Sullivan, a financial advisor, will be answering some common questions my clients have about financial planning and a divorce.  She will talk about divorce and financial planning.  Below is a link to her biography if you want to contact her directly or get more information.

What are your top tips for reorganizing your financial life after divorce?

First, get a realistic picture of your new income versus spending. Likely you will need to cut back on your housing spending, kids’ expectations will need to change, and savings jumpstarted. Don’t waste time thinking about what used to be or regretting what you wish were different. Start from now and move forward in the new reality. Get financial advice if you need it.

Any tips regarding the house in the divorce?

Yes, I have a very strong opinion on that. Ninety nine percent of the time, the marital house should be sold and the equity divided. Use the proceeds to buy a new, smaller house that you can afford on your own. Get away from the emotional baggage of the location of the end of your marriage. Many women try to hang on to the house to avoid disrupting the kids. However, alone one spouse usually cannot afford the payments and upkeep of a home that two people were supporting before. Also, instead of getting an asset like an IRA account, you’ve gotten a liability in the form of a mortgage. Face it, the kids are already disrupted. Having their mom or dad super-stressed out about losing a home to foreclosure is not going to help the kids’ transition to post-divorce life.

Additionally there is nothing wrong with renting for a year or so while you figure out your new life. There may be a move in your future for a job. Or you just don’t have the mental and financial space to deal with home repairs. Renting is a nice way to take a breather and not rush into financial commitments that are hard to get out of.

What does your business provide to help people after a divorce?

My business offers unbiased money planning for an hourly or project based fee. I won’t try to sell you expensive investments or insurance products you don’t need. I provide a safe, judgement-free place to discuss your financial fears and concrete steps to move forward financially after a divorce.

Bio: Kristi Sullivan, Certified Financial Planner ™ is the founder of Sullivan Financial Planning, a fee-only financial planning firm dedicated to helping clients achieve life goals in a fiscally sustainable way. She has been helping people achieve financial security since 1996, working at Great-West Life and Fidelity Investments before starting her own firm in 2007. For more information, please visit  sullivanfinancialplanning.com