Getting divorced is very stressful. It can turn your life upside down and have a significant impact on your financial health.
In a 2018 Desjardins Insurance Financial Health and Wellness Survey of nearly 3,000 Canadians:
59% of respondents said
family is their main source of stress, and
50% indicated their
financial situation as the leading cause of stress in their life.
How can you minimize the consequences of divorce and maintain your financial, physical and mental health? Here are some tips to help you manage all the changes and get back on your feet again.
Preventing financial worry after divorce
Divorce is a highly emotional and stressful life event. Since it can also lead to financial worry, here are some tips to help you stay on track:
- Get your finances in order. Prepare a balance sheet that lists all your post-separation assets and liabilities.
- Assess your short- and medium-term needs. Draw up a budget based on your income and expenses.
- Separate your accounts. If you apply for a new credit card or open a new bank account, remember to provide your new credit card and banking information to any businesses or agencies that charge your card or make deposits to or withdrawals from your account.
- Start thinking about your will and make any necessary changes to the beneficiaries for your investments and insurance policies.
Meet with a Desjardins representative Opens in a new window.. They can help you take stock of your financial situation, estimate the impacts of divorce and help you create a financial plan so you can stay financially healthy.
Taking care of your mental health
Divorce can have a direct impact on your mental health.
58% of survey respondents who indicated their mental health is fair to poor also find it
hard to manage stress.
You don’t need to go through it alone. Get the support you need:
- Talk about your feelings with people you trust
- Learn stress management techniques like relaxation or meditation
- Contact a support group or reach out to others who’ve been through divorce
- Make new friends by volunteering or joining a social or community club
- Wait until you’re back on your feet again to make big decisions like changing jobs or starting to date again
Taking care of your physical health