--- title: Our Blog - AMF Divorce | Budgeting (2) description: Budgeting | From mortgage professionals to therapists to attorneys, the team at A.M. Financial works closely with these types of professionals. (2) --- ## A.M. Financial - [Services](https://amf-divorce.com/divorce-transition-services) - [Service Plan](https://amf-divorce.com/service-plan) - [Frequently Asked Questions](https://amf-divorce.com/frequently-asked-questions) - [Our Blog](https://amf-divorce.com/our-blog) - [About Amy](https://amf-divorce.com/about-amy) - [Contact Us](https://amf-divorce.com/contact-us) - [Services](https://amf-divorce.com/divorce-transition-services) - [Services](https://amf-divorce.com/divorce-transition-services) - [Service Plan](https://amf-divorce.com/service-plan) - [Frequently Asked Questions](https://amf-divorce.com/frequently-asked-questions) - [Our Blog](https://amf-divorce.com/our-blog) - [About Amy](https://amf-divorce.com/about-amy) - [Contact Us](https://amf-divorce.com/contact-us) [Book a Meeting](https://calendly.com/amymahlenmelander/consultdivorcefinancialplanning) Posts about # Budgeting (2) ## [Four Sources to Consider When Restructuring Your Income Post-Divorce](https://amf-divorce.com/our-blog/four-sources-to-consider-when-restructuring-your-income-post-divorce) September 06, 2023 If you are a non-working spouse going through a divorce, it’s important to fully understand your sources of income and determine whether you need to return to work to supplement your maintenance... [CONTINUE READING](https://amf-divorce.com/our-blog/four-sources-to-consider-when-restructuring-your-income-post-divorce) ## [What is a Loan Assumption?](https://amf-divorce.com/our-blog/what-is-a-loan-assumption) August 01, 2023 Deciding the fate of [marital property](https://amf-divorce.com/our-blog/separate-vs-marital-property) is a crucial aspect of any divorce settlement. The process often involves intense emotions and complex financial considerations, making it all the more... [CONTINUE READING](https://amf-divorce.com/our-blog/what-is-a-loan-assumption) ## [22 Questions to Ask a Financial Professional During Your Divorce](https://amf-divorce.com/our-blog/22-questions-to-ask-a-financial-professional-during-your-divorce) July 24, 2023 Going through a divorce can be an incredibly challenging and emotionally draining experience. The process of untangling your life from your former partner's can feel overwhelming, especially when it... [CONTINUE READING](https://amf-divorce.com/our-blog/22-questions-to-ask-a-financial-professional-during-your-divorce) ## [Summer Travel for the Newly Divorced](https://amf-divorce.com/our-blog/summer-travel-for-the-newly-divorced) May 04, 2023 If you are [newly divorced](https://mahlenfinancial.com/new-year-and-newly-divorce-dont-put-off-next-steps/), you’ve probably noticed that many aspects of life no longer look the same. From holidays, to gatherings with friends, to vacations, your post-divorce experiences are... [CONTINUE READING](https://amf-divorce.com/our-blog/summer-travel-for-the-newly-divorced) ## [Financial Resources for Women](https://amf-divorce.com/our-blog/financial-resources-women) March 01, 2023 There is no shortage of financial resources available online. With so many websites and events to sort through, it can be challenging to consult and trust the right resources. Educating yourself... [CONTINUE READING](https://amf-divorce.com/our-blog/financial-resources-women) ## [Financial Self-Care: Prioritizing Your Financial Needs](https://amf-divorce.com/our-blog/financial-self-care) February 02, 2023 Over the last decade, you’ve likely heard more about the importance of self-care or ways you can proactively take care of yourself to reduce stress and burnout. Because finances and money can be a... [CONTINUE READING](https://amf-divorce.com/our-blog/financial-self-care) ## [Divorce: A Catalyst for Change](https://amf-divorce.com/our-blog/divorce-a-catalyst-for-change) January 13, 2023 Any major life event, including divorce, can be a catalyst for overall life changes. By recognizing and accepting that any big life change will result in many other significant changes, you’ll... [CONTINUE READING](https://amf-divorce.com/our-blog/divorce-a-catalyst-for-change) ## [Divorce Season: Key Tasks for Success](https://amf-divorce.com/our-blog/divorce-season-key-tasks-for-success) January 04, 2023 Divorce season is upon us. January is the most common time for divorces throughout the year, for various reasons. Many couples are trying to get through the holidays for their families, or are... [CONTINUE READING](https://amf-divorce.com/our-blog/divorce-season-key-tasks-for-success) ## [Stay at Home Moms: Learning to Budget Post-Divorce](https://amf-divorce.com/our-blog/stay-at-home-moms-learning-to-budget-post-divorce) June 01, 2022 In my work supporting divorced individuals in the Colorado area along their financial journey, I see one particular group of clients who struggle more than others. Long-time stay-at-home mothers... [CONTINUE READING](https://amf-divorce.com/our-blog/stay-at-home-moms-learning-to-budget-post-divorce) ## [Preparing for Mediation in your Divorce](https://amf-divorce.com/our-blog/mediation-in-your-divorce) June 01, 2022 Many divorcing parties believe their case will [go to court](https://mahlenfinancial.com/3-myths-about-going-to-court-in-a-divorce/) because there is so much friction and disagreement about the path forward. The media also portrays divorce this way. In reality, it’s much... [CONTINUE READING](https://amf-divorce.com/our-blog/mediation-in-your-divorce) - - [1](https://amf-divorce.com/our-blog/tag/budgeting) - [2](https://amf-divorce.com/our-blog/tag/budgeting/page/2) - [3](https://amf-divorce.com/our-blog/tag/budgeting/page/3) - ##### About Amy With compassion and patience, Amy focuses on her client’s unique priorities to build a financial road map that provides clarity to make informed decisions today regarding the future. ##### Links - [Home](https://amf-divorce.com) - [Services](https://amf-divorce.com/divorce-transition-services) - [Our Blog](https://amf-divorce.com/our-blog) - [About Amy](https://amf-divorce.com/about-amy) - [Contact Us](https://amf-divorce.com/contact-us) - [Schedule a Meeting](https://calendly.com/amymahlenmelander) ©2026 Copyright. All rights reserved. A.M. Financial provides supporting financial information, evaluation and analysis to be utilized by the client and the client’s selected attorney if directed, during the process of their divorce. ervices provided in regards to this agreement are solely fee-only and do not involve investment or security advice or insurance transactions. All information is financial in nature and should not be construed or relied upon as legal or tax advice. A.M. Financial IS NOT AN ATTORNEY AND DOES NOT PROVIDE LEGAL OR TAX ADVICE. Individuals are encouraged to seek competent legal and tax advice from professionals who specialize in divorce and tax laws in their respective state. Amy Melander (CRD #4692263) is an Investment Adviser Representative of OneDigital Investment Advisors, LLC (ODIA). ODIA and A.M. Financial are independent and unaffiliated entities. ODIA does not offer or provide divorce financial planning services and any statements and/or opinions expressed by A.M. Financial do not represent the views and/or opinions of ODIA.   This website is a publication of A.M. Financial. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. Content should not be viewed as personalized investment advice or as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned herein. A professional adviser should be consulted before implementing any of the strategies presented. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "If you are a non-working spouse going through a divorce, it’s important to fully understand your sources of income and determine whether you need to return to work to supplement your maintenance payments and other income-generating assets. Even if your former spouse made a good living, the combination of a high cost of living in Colorado and your preferred lifestyle might mean it may be in your best interest to return to full-time employment and/or enroll in career training to become employable. In this post, we’ll outline the top four sources of post-divorce income to consider as you evaluate and restructure your finances during the divorce process, and what these income streams mean for future financial needs. 1. Income from Child Support If children are part of your divorce, you’ll likely be awarded child support until your children reach the age of 19 in Colorado. This payment is based on the number of overnights you have with your children, each parents’ income (including maintenance, if any), the age of the children, childcare needs, healthcare needs, and other potential costs. This child support payment can fluctuate if there are changes in the child’s living situation or income changes for the parents. Logistically, this income should be used to provide the same standard of living to the child as the other spouse, and because this income stream is temporary, it’s best to rely very little or at all on this contributing income for your lifestyle. Therefore, doing your best to a build a budget that does not require this income to pay your bills, qualify for loans, and pay for your own lifestyle choices is the most financially prudent direction from a long-term perspective because at some point this income will stop. 2. Income from Maintenance Finalized as part of your divorce settlement, Maintenance income is the result of income disparity between spouses. Maintenance, sometimes called rehabilitation support, can be structured several ways. The goal of Maintenance is to provide support for the lower-earning spouse to re-enter the workforce so that they can eventually provide for themselves financially, ideally by the time the maintenance payments end, or retire. In Colorado, the duration of Maintenance is usually based on the length of the marriage whereas the amount of Maintenance is based on each party’s annual income. Therefore, like child support, this income stream could change but at some point in the future, will end. The duration of Maintenance, along with your age, plays a large role in how this payment will impact your future. For example, if you receive Maintenance until you are eligible for retirement benefits, you may not need to return to the workforce. On the other hand, if you are 45 years old with a maintenance award of 10 years, you should work on your career and ways to supplement your maintenance income unless you have adequate assets to live off of for the rest of your life, essentially retiring early. Adequate retirement planning, no matter your age, could provide insight on whether you need to re-enter the workforce and at what level. 3. Income from Earnings If you do decide to work on your career and re-enter the workforce, you’ll undoubtedly have more power and control over your income. This stream of income can last forever and has ancillary benefits, such as retirement savings, healthcare, and other professional financial perks. Skills you acquire through going back into the workforce and the associated income you’ll earn with those skills can’t be taken away from you. Even if you get laid off, you’ll likely receive some sort of severance along with maintaining the skills you need to be employable elsewhere. Therefore, your earnings are an extremely valuable and empowering asset for a stable financial future. If you are raising kids, balancing a great number of priorities, and not accustomed to also working on top of these responsibilities, it can feel overwhelming to imagine full-time employment. If you are considering career training, evaluate the types of jobs that might fit your lifestyle. For example, while your children are young, consider careers that more commonly provide work-from-home options to help you balance your existing responsibilities. Since COVID, there are many more employers who offer work-at-home opportunities. Your earnings are the most flexible and abundant source of income and can be the most dependable asset in your financial future. 4. Income from Other Assets It’s possible that you’ll divide assets in your divorce that provide monthly income. These assets might include investment dividends and interest, rental property income, passive business income, and more. Depending on how these assets are managed and structured, they could provide steady income for a long period of time or disappear completely. It’s important to work with your financial advisor to evaluate the level of risk and reward you might encounter with these less common forms of income to make sure they last for as long as possible or are used in an appropriate manner that reflects your goals and priorities. If you don’t earn as much as your former spouse, consider conserving these assets or taking steps to reduce your risk. For example, rental property income can be fruitful until you can’t find consistent renters or need to make significant improvements to the rental home, which you may not have the funds to address. Similarly, these types of assets can lose substantial value and you may want to liquidate or withdraw the assets for specific purposes. Your financial advisor can help you retain and stretch the assets for as long as possible. At A.M. Financial, we provide support to individuals going through a divorce by designing budgets that align with financial goals, discussing asset division strategy, and modelling retirement plans. We offer a free consultation to learn more about your unique situation. Contact us to schedule yours today.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "06/09/2023", "datePublished" : "06/09/2023", "headline" : "Four Sources to Consider When Restructuring Your Income Post-Divorce", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://39875594.fs1.hubspotusercontent-na1.net/hubfs/39875594/Imported_Blog_Media/qtq80-1fBtOD-300x200.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/four-sources-to-consider-when-restructuring-your-income-post-divorce", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "Deciding the fate of marital property is a crucial aspect of any divorce settlement. The process often involves intense emotions and complex financial considerations, making it all the more challenging. One common alternative couples are considering to handle the marital home that has gained popularity in today’s unique market conditions: loan assumption. The recent increase in both interest rates and home prices has added additional pressure on homeowners navigating divorce, limiting their available options. As a result, many individuals are actively seeking creative and practical alternatives. In this blog post, we explore the nuts and bolts of loan assumptions to help you make an informed financial decision that aligns with both your financial goals and your unique divorce circumstances. What is a Loan Assumption? In addition to significant increases in housing costs that we have seen since the pandemic,, coupled with the reality of doubling housing costs for a divorcing couple, many couples are evaluating loan assumptions to minimize overall housing expenses. This option provides an opportunity to maintain current, affordable housing costs, retain homeownership, and/or to provide stability for children. Is a Divorce in Your Future? Get Prepared with These Essential Tips. A qualified loan assumption is when one party of a joint debt, such as a shared mortgage, qualifies to retain and retitle the original loan into their name, solely. This essentially releases the other debtor (typically a former spouse or domestic partner) from the mortgage payments and debt obligation. Many homeowners are looking to explore this option in a divorce under the assumption that the individual retaining the loan will be able to keep the original loan terms, where they hope to keep previous low mortgage rates and their associated lower, current mortgage payments. Clients in the Colorado area are looking into loan assumptions to determine if they are an option as they go through their divorce. Oftentimes, bank representatives may even confirm the availability of a loan assumption. However, according to the Certified Divorce Lending Association, loan assumption options may not always meet client expectations post-divorce. It’s important to work with a Certified Divorce Lending Professional (CDLP) or mortgage planning assistance to determine which mortgage path is best for you during your divorce and to determine what information you can rely on to make decisions in your divorce that remain reliable post-divorce for agreements to be carried out. Keep these important considerations in mind as you evaluate a loan assumption in you divorce: Not All Institutions Offer Loan Assumptions A CDLP can help you review your loan documents to determine if your current institution offers loan assumptions. Sometimes calling your loan provider and inquiring can be misleading (see bullet point 5 below). Some Types of Loans Are More Likely to Provide Loan Assumption Government mortgage loans such as FHA, VA, and USDA loans often offer loan assumption programs. When it comes to VA loans, if the individual assuming a VA loan is not a veteran, the veteran will forgo their VA entitlement as long as the VA loan assumed is operating until it is paid in full. This limits a veteran’s ability to obtain another VA loan on a future property. Conventional loans may offer loan assumption programs, but are not required. Actual Loan Assumption Terms May Not Reflect Original Terms While institutions may offer loan assumption, they are not required to provide a loan assumption with the original loan terms, such as the original low interest rate. They can sometimes offer a loan assumption with higher rates or any other terms their current procedures deem necessary at the time. No Cash/Equity Buy-Out Absolutely no cash can be taken out during a loan assumption. Therefore, if the spouse who is not retaining the home requires an equity cash payment in order to produce an equitable and agreeable division of asset terms, a loan assumption can not be used to meet those needs. Mortgage Sales Practices Can Be Misleading Mortgage sales is a practice and financial institutions do their best to keep their current customers’ business. Be aware of bait and switch behaviors where mortgage professionals offer you one thing and, after further inquiry or qualification processes, offer you something different then expected, with higher rates then the original loan, a traditional refinance loan, or possibly no offering at all. Once again, working with a Certified Divorce Lending Professional for mortgage planning assistance can help protect you from these practices and provide reliable post-divorce information. Is Assuming a Loan Best for You? Even armed with this information, decisions around a loan assumption can be challenging. As you consider whether this is the right financial path in your divorce, keep the following in mind: While you do normally save on fees in a loan assumption (as compared to a refinance), you lose the option of re-amortizing your loan over a new 30-years. The latter approach could result in lower payments and provide you with more cash flow as you transition into new financial responsibilities on your own. Modeling the option of loan assumption against refinancing with different teams and current interest rates is important. Find a Certified Divorce Lending Professional to help you align your lending strategy to your long-term financial goals. While a loan assumption doesn’t require a full refinance, you do have to qualify for the payments on your own. This includes an evaluation of your income, assets, credit scores, and more. Typically, loan assumptions are a more affordable option than a refinance, because there are fewer fees, no appraisals needed, no application fees, and no fees paid to title/insurance companies. Consider the timing of your divorce alongside the timing of this decision. More traditional refinances typically take 30 days and loan assumptions can take 3-6 months. During this time, interest rates can also change, which could impact your strategy. Deciding the fate of marital property in divorce is a complex and emotionally charged process. However, amidst the challenges, loan assumptions have emerged as a popular alternative to refinancing or selling the marital home in today's unique market conditions. By staying informed and seeking professional guidance, you can navigate the complexities of divorce and make sound financial choices for a stable future. At A.M. Financial, we can help model various approaches and show you how they will impact your budget, cash flow, and long-term goals. Contact us to learn more about how we can support your evaluation of a loan assumption or other financial aspects of your divorce in a free consultation.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "01/08/2023", "datePublished" : "01/08/2023", "headline" : "What is a Loan Assumption?", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-9SCbQC-2048x1365-1.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/what-is-a-loan-assumption", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "Going through a divorce can be an incredibly challenging and emotionally draining experience. The process of untangling your life from your former partner's can feel overwhelming, especially when it comes to making crucial financial decisions. Having trusted professionals to lean on during this difficult time can make all the difference. In particular, a financial divorce professional, such as a Certified Divorce Financial Analyst (CDFA®) or a Certified Financial Planner (CFP®), can provide invaluable guidance and expertise to help you navigate the complexities of your divorce. In this blog post, we will outline essential questions to ask your financial professional and explore key topics to consider as you assess the impact of your divorce on your current and future financial situation. By arming yourself with the right knowledge and support, you can approach the financial aspects of your divorce with confidence, and make informed decisions for your future. Protecting Finances Protecting your finances during a divorce can significantly improve your financial stability and future well-being. Being proactive in safeguarding your assets, income, and financial interests is crucial in this process. The sooner you start thinking about protecting your finances and taking action, the better. In fact, taking steps toward financial protection can even occur before you file for your divorce. By engaging a knowledgeable financial professional with experience in divorce cases, you can gain valuable insights and guidance on how to navigate the financial aspects effectively. To understand whether you're on the right track, consider asking the questions such as: What steps should I take to protect my finances during the divorce process based on my unique situation? How will my retirement savings be affected by the divorce, and what steps should I take to secure my future retirement? What steps can I take to document and establish the value of my assets to prevent any undervaluation? What options should I consider if I am worried my ex-spouse will overspend during this time? What options should I consider if I don’t want to incur any more debt during the divorce process? How should I handle joint bank accounts and shared credit cards to protect my assets? What should I do now to start establishing my own financial identity? By seeking expert advice and asking the right questions, you can make informed decisions that safeguard your financial well-being during and after the divorce process. Division of Assets The division of assets is a critical aspect of the divorce process, as it determines how property and possessions acquired during the marriage will be divided between the parties involved. Generally, marital property is divided equitably and includes assets acquired during the marriage, such as the family home, vehicles, investments, and joint bank accounts. On the other hand, separate property is usually awarded to one party and typically consists of assets owned before the marriage or acquired through inheritance or gifts. Determining what assets are marital versus separate may require assistance from an attorney. Is a Divorce in Your Future? Get Prepared with These Essential Tips. Assets may be divided equally or in a way that is deemed fair and equitable based on various factors including your state of residency. Consulting a financial advisor who specializes in divorce can be invaluable during this process. Some questions to ask regarding the division of assets may include: How will the division of assets and liabilities affect my long-term financial goals? Can you help me analyze the long-term financial impact of keeping certain assets versus accepting alternative options during the divorce settlement? What are the financial implications of keeping or selling the marital home? What should I consider when determining the value of investments, including stocks, bonds, and other assets? How can I protect my investments and how are any pensions, retirement accounts, or other employer benefits earned during the marriage handled during the divorce process? What should I know about any outstanding debts or joint liabilities with my ex-spouse? Are there any potential risks or consequences I should be aware of when transferring assets to new beneficiaries? How can I protect my retirement accounts, such as pensions or 401(k)s, from being unfairly divided? By seeking expert advice, you can navigate the complexity of asset division with clarity and protect your financial interests throughout the process. Tax Implications Divorce can bring significant changes from a tax liability perspective, and it's crucial to understand the implications on your financial situation. Following a divorce, your filing status will likely change from married filing jointly to single or head of household. This change can affect your tax bracket, deductions, and credits, potentially altering your overall tax liability. It's essential to comprehend how divorce decisions, such as the division of assets, can impact your taxes. Tax liability can change the amount of money available to you after your divorce, as certain scenarios may result in unexpected tax burdens or opportunities for tax savings. When consulting with a financial professional during your divorce, it's important to ask specific questions related to taxes, such as: What are the tax implications of the settlement options I am considering? Are there any tax strategies I should consider during the divorce process? What specific tax considerations or liabilities should I be aware of when dividing assets and liabilities with my ex-spouse? How will my filing status change during and after the divorce, and what are the tax implications associated with each filing status? What are the tax implications of paying/receiving alimony or child support payments, and how should I plan for these payments? Are there any tax deductions or credits I may be eligible for as a result of the divorce, such as the child tax credit or child care credit? If so, what do I need to know about how to structure agreements to qualify and maximize tax credits? Should I consider adjusting my withholding or estimated tax payments due to changes in my financial situation during and after the divorce? Seek guidance from a knowledgeable financial professional, so you can make informed decisions that minimize your tax burden and maximize your financial well-being post-divorce. In the complex and emotionally-charged process of divorce, seeking guidance from a qualified financial professional is paramount to safeguarding your financial future. By asking the right questions and addressing key areas such as protecting your finances, dividing assets, and understanding tax implications, you can navigate the divorce process with confidence. At A.M. Financial, we can help you make informed decisions that align with your long-term goals. Contact us today to schedule a consultation.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "24/07/2023", "datePublished" : "24/07/2023", "headline" : "22 Questions to Ask a Financial Professional During Your Divorce", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-oBtQaY-300x200.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/22-questions-to-ask-a-financial-professional-during-your-divorce", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "If you are newly divorced, you’ve probably noticed that many aspects of life no longer look the same. From holidays, to gatherings with friends, to vacations, your post-divorce experiences are simply different. When it comes to travel, you have new considerations to make as you plan summer getaways – from a safety, financial, and logistics perspective. If you have kids, those changes are likely even more dramatic, especially if your parenting plan requires disclosing the details of travel plans by a certain date each year. Even if you are planning to travel solo, you’re likely evaluating different destinations with a new set of expectations and needs, possibly even considering locations that promote self-care and healing. You also may be more concerned about the safety of your destinations now. Visits to see friends or vacations with friends or family may be a higher priority for post-divorce travel. Finally, many newly divorced individuals feel inspired to create new traditions, patterns, and go-to destinations. You may be eager to find new favorite getaways that are different from what you experienced in your marriage, and these new destinations may more strongly reflect your current values and needs. In this post, we outline what to consider when planning travel, if you are newly divorced. Plan, Plan, Plan First off, successful post-divorce travel requires far more planning than previously as you rebuild your relationship with money. Since you may be the only adult travelling, either with your kids or alone, you’ll need to more thoroughly plan both the logistics and finances of your time away. Your finances will likely be tighter post-divorce, and therefore, you’ll need to budget for your vacations all year long by: 1. Putting vacation dollars into a fund each paycheck for travel 2. Scaling back your travel expectations so you can comfortably vacation without the stress of over-spending From a planning perspective, you can prepare for post-divorce travel by: 1. Taking advantage of travel apps, travel blogs, or even the assistance of travel agents. These resources can help you understand exactly what you are getting into at your designation, including the area you are staying, safety, transportation options, and more. 2. Considering hotels with programming and activities so you don’t have to do as much running around on vacation. This is especially helpful if you are traveling with kids as the hotel staff can naturally help with your itinerary by keeping the kids entertained. Programming and onsite activities can also reduce the stress of navigating a new place by yourself. If you are traveling with kids, invite them to co-create the experience with you by choosing activities, destinations, cruise ships, rental cars, hotels, and more. Get them invested in the planning and excited about the new experiences you’ll have together. If you are vacationing solo, consider your travel as a form of therapy or healing from your divorce. Instead of planning a week of partying in Mexico, consider relaxing and rejuvenating activities that support self-care. In either case, don’t overdo it with sightseeing, packed itineraries, or complex transportation plans. Get Creative New experiences require not only more planning, but also more creativity. Especially if you are a new single parent, resist the urge to splurge on a vacation for your kids as a way to win them over in the divorce or reward them for what they went through. Don’t overextend yourself financially. Kids will enjoy a creative and simple vacation that is meaningful and fun more than a vacation that creates financial stress. Getting creative may look like exploring options to camp or take a road trip with several interesting destinations. Explore the option of staying with family in a new city, which can help you and your kids bond with other family members, as well as save you on lodging and even planning time. House-swapping with family or good friends in another city might also be a way to save money. Lastly, always consider vacation destinations close to home. There are several ways to save money by joining travel programs or even using credit card points for travel and/or lodging. Spend some time researching travel rewards such as getting a free night after you stay a number of nights. Regularly check travel resale sites for deals, especially if you have the flexibility to travel at the last minute. In some destinations, you may find options to save money on lodging by volunteering on a property. Not only does this provide a vacation that has a component of giving back, but you could save significantly on costs. For example, there are farms in Hawaii and Costa Rica, and possibly even in your home state, that offer simple, affordable, or even free lodging in return for a few hours of work in the kitchen or garden. The most important two things to remember about post-divorce travel is to be flexible and stay positive. Whether you are traveling alone or with kids, your ability to adapt and stay optimistic can remind you and your family that life inevitably changes and can still be fun and fulfilling under new circumstances. Successful travel post-divorce means successful budgeting year-round, more planning, and creativity in your approach to vacations. The team at A.M. Financial can help you design a budget that allows you to save effectively all year long so that you can continue to travel post-divorce. Learn more about our services by attending an upcoming event in the Denver area or contact Amy Mahlen, CFP®, CDFA®, for a free consultation.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "04/05/2023", "datePublished" : "04/05/2023", "headline" : "Summer Travel for the Newly Divorced", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-0648RF.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/summer-travel-for-the-newly-divorced", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "There is no shortage of financial resources available online. With so many websites and events to sort through, it can be challenging to consult and trust the right resources. Educating yourself through the blogs, articles, books, events, tools, and even podcasts available is key to ensuring you are getting sound advice to meet your goals. In this post, we detail top resources you can consult to educate yourself about your finances and keep up on any market changes that might impact them. Incorporate these resources into your financial planning by committing to exploring one resource per week, or contact us to learn which resources best align with your needs and goals. Books Your Money or Your Life Your Money or Your Life details nine steps you can take to transform your relationship with money. The book details ways to achieve financial independence no matter your age. It covers topics like investing in index funds, managing side hustle revenue streams, getting out of debt, developing savings, using online finance tracking, and navigating difficult conversations about money. Prince Charming Isn’t Coming Prince Charming Isn’t Coming is a book geared toward women who want to get smart about their money and take control of their finances. The author uses real-life success stories and modern advice to inspire you to move from fearful to confident when it comes to managing your money. Money: A love story Money: A love story is about creating the financial life you want by understanding the dynamics of your relationship with money. Complete with a quiz and interactive exercises that help you understand your personal perceptions of money and wealth, you’ll be empowered to change them for the better. My Money My Way My Money My Way is about taking back control of your financial life. Through the author’s personal story about overcoming debt, she’ll remind you that money problems are often rooted in other dynamics, such as self-doubt, shame, guilt, and societal pressure. By reversing negative thinking patterns while aligning with goals, her lessons help you reimagine your life by channelling emotions into financial advantage. On My Own Two Feet On My Own Two Feet helps you understand basic principles of money management to free yourself from financial stress. A practical guide to everything from your daily budget to saving for big-ticket items, the concepts in this book have been featured in the Wall Street Journal, Forbes, and The Huffington Post. Workbooks The Financial Recover Workbook The Financial Recovery Workbook is a step-by-step guide for regaining control of your money, and your life, during and after a personal financial crisis. The guidance and reassurance in this workbook help you get a handle on your spending to get your finances back on track through understanding how to prioritize bills, use credit cards, and reallocate funds to change your relationship with money for good. The Financial Anxiety Solution The Financial Anxiety Solution is a step-by-step workbook to help you stop worrying about money and live a happier life. This interactive guide can help you overcome financial anxiety and achieve financial freedom. The tools help you understand money anxiety coping skills, address pain points of financial stress, and develop money-management techniques that can help you better understand and overcome financial anxiety. The Financial Planning Workbook The Financial Planning Workbook helps you build a successful financial plan with a wealth of resources to manage investments, plan your retirement, document your income, understand cash flow, choose insurance, complete dependent planning, and start estate planning. Through goal setting, analysis, defining strategies, and developing your unique plan, this workbook provides the tools to build a strong financial foundation. Podcasts Women and Money Women and Money helps you become the master of your own financial destiny to live a full and meaningful life. Through personal, entertaining stories and 35 years of experience teaching financial principles, the host answers top financial questions with actionable advice. Her Money Her Money recognizes how women are different when it comes to money. Covering topics from fighting fair with your partner when it comes to money, to career and tax advice, this podcast is a judgement-free zone focused on changing your relationship with money. So Money So Money shares inspiring money strategies and stories from today’s financial leaders, authors, and entrepreneurs. This podcast is dedicated to answering your pressing financial questions about saving, investing, and building wealth through a lens of equity, inclusivity and the changing world we live in. Clever Girls Know Clever Girls Know empowers women to ditch debt, save money, and build real wealth in order to live life fully. The podcast shares open and honest conversations with real women at different stages of their financial and life journeys to inspire and motivate other women on their own financial journeys. More Money More Money guides you on your personal finance journey through stories, expertise, and wisdom. With advice from top personal finance and business experts, celebrities, entrepreneurs, authors, and influencers, this podcast helps simplify and demystify the “complex” world of money. Blogs Mixed Up Money Mixed Up Money is both a blog and community all about personal finance and money decisions, but without any of the complex jargon and numbers. This blog will remind you that having wealth isn’t about the money, but about the power of choice Women’s Institute for Financial Education Women’s Institute for Financial Education or WIFE is the oldest non-profit organization dedicated to providing financial education to women in their quest for financial independence. This blog will remind you that a man is not a financial plan and instead help you understand how to take control of your own financial future. Ms. Money Ms. Money is a blog dedicated to helping you spend, save, and invest your money aligned with your values and the global community. Featuring 20 women personal finance experts, this blog offers thousands of pages of premier educational content around women and money. A.M. Financial Bookmark our blog so you never miss an article. We publish articles a few times a month to help you better manage your finances during and after a divorce. From the impact of current events and market conditions, to how the dynamics of your divorce will impact your finances, our blog answers your top divorce questions. Budget Applications Google Google offers a number of free add-ons that allow you to use Google Sheets as a budgeting application. You can set up categories/subcategories for income and expenses, then enter your transactions daily or weekly. Analyze your expenses by category and compare them to your budget. The summary tab will give you the year in review to see how you are tracking against your overall annual budget. MINT Mint is a free money management app and financial tracker that brings together all of your finances. View paychecks, debts, transactions, and credit card payments automatically, when you sync your bank information. This application allows you to set budgets based on your spending and savings goals and track your progress toward those goals each month. If you are just starting to track your spending, begin by spending just five minutes each morning reviewing your spending, budget, and how you are tracking toward your goals. Denver Groups BLOOM BLOOM is a free monthly gathering of divorced women in south Denver. This group offers events that provide both education and discussion around your top financial questions. All events are free and led by Amy Mahlen, CFP®, CDFA® and independent wealth manager While resources can certainly steer you in the right direction when it comes to managing your finances, there is no substitute for highly cusotmized and personalized advice from a professional. At A.M. Financial, we provide guidance post-divorce and during all phases of your financial journey. Contact us to learn more about our services.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "01/03/2023", "datePublished" : "01/03/2023", "headline" : "Financial Resources for Women", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-bqch7i.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/financial-resources-women", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "Over the last decade, you’ve likely heard more about the importance of self-care or ways you can proactively take care of yourself to reduce stress and burnout. Because finances and money can be a top source of stress for so many people, there is an opportunity to view and manage financial stress with self-care, like you address other stressors in your life. In this post, we’ll dive into steps you can take to create and sustain financial self care in your life. Complete an inventory Getting a grasp on your finances begins with identifying what is working well and what areas need attention. This practice can help you recognize areas of strength and resources as well as vulnerabilities that should be addressed through budgeting and planning. To complete an inventory, write down all the aspects of finances in your life, including regular spending, savings goals, financial priorities, outstanding debts, and more. Getting an honest, truthful, and objective perspective by working with a financial professional can also reduce your financial stress. Create a budget If you don’t control your money, it will control you. Giving your money boundaries strengthens your relationship with money and will help you make financial decisions that are aligned with your values. Spend time analyzing the emotional or physical value you receive for each budget item and if it should be adjusted. When you consider the “value” of something, align it with its importance, worth, or usefulness in your life. Also, ask yourself how your values may have changed post-divorce and make sure you aren’t automatically assigning a value that was expected in your marriage. As you reflect on your values, you may find that you are pouring too many resources into an area that isn’t providing the appropriate level of fulfillment in return for what is given. For example, your mortgage payment is likely your highest expense and perhaps you don’t get all that much joy and satisfaction out of a home that provides far more space than you need. Maybe cleaning the large space produces additional stress that you don’t welcome in your life. It might be time to consider downsizing or even renting out some of your home on short-term sites like Airbnb. In other examples, maybe you’re eating out too much, spending too much on gifts, or paying for cable television that you know longer use. Next, use your inventory, which details both your resources and needs, to move items around in your budget so that it aligns with your financial vision and plans. For example, if you have family or friends who are willing to help watch your kids, you may be able to work more hours or engage in a side hustle. Lastly, create a cushion in your budget. Think of your financial cushion as your best friend. The best friend that always has your back in tough times. Life is nearly impossible without those relationships that help hold you up during storms. Recognize that emergencies happen, and you may even want to splurge on a trip or an item. At any time, a family member might need financial help. Reduce stress about money by creating this financial buffer and fostering this critical financial component into your life. Give yourself the gift of space, grace, and compassion around money, just like you give yourself this emotionally. Include self love Alongside taking responsibility for your financial success, plan enjoyable and fulfilling experiences or purchases that bring you joy and align with your values. Most individuals find more fulfillment in experiences post-divorce and this is a great time to invest in new hobbies and interests, which will also support your post-divorce healing. Maybe you have wanted to start skiing again or learn to knit. Perhaps joining a travel group will make it easier for you to continue traveling post-divorce. Prioritize activities such as going out with friends, shopping (thrift stores work great if you are on a tight budget), reading books, attending a college sports game, getting your nails done, or doing your nails together with a friend. Don’t neglect planning for your future While it is important to be a present-moment warrior, balance is crucial and necessary. One day, retirement will be your present moment. Budget and plan for the retirement life you want. Detail this vision in your inventory and use your budget to make your ideal retirement possible by investing now for tomorrow. Work closely with a financial professional to ensure you are saving and investing appropriately while getting any tax benefits available to you through detailed retirement planning. If you haven’t planned your financial life in advance, or don’t fully understand the resources available to you, you can lose sight of what’s possible. It is easy to get overwhelmed with life and try to remedy your feelings in the moment by buying things you don’t need instead of sticking to initial, thoughtful budgets and plans. This can be especially dangerous during a big transition such as a divorce where it’s common to purchase things emotionally or even get stuck in bad spending patterns. Whether you are just starting the process of building regular financial self-care into your life, or have been building these practices for years following a divorce, recognize the importance of these financial commitments to yourself. Contact us to learn more about our financial planning services or attend one of our free upcoming events.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "02/02/2023", "datePublished" : "02/02/2023", "headline" : "Financial Self-Care: Prioritizing Your Financial Needs", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-aAL1RB.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/financial-self-care", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "Any major life event, including divorce, can be a catalyst for overall life changes. By recognizing and accepting that any big life change will result in many other significant changes, you’ll likely find the transition easier. Knowing this, it’s possible to be intentional about the changes you want to see in your life during this crossroad. Those might include financial changes, a new work situation, changes in your family traditions, your schedule, dating, your living situation, and even your overall lifestyle. Change can be both overwhelming and exciting. In this post, we discuss how to own, plan, and design your post-divorce life by using divorce as a catalyst for positive change. Honor the Transition Divorce is undoubtedly stressful and the most challenging time of separation is often the time of indecision. During this time, it feels like you are trying to figure out what the future will look like without a true vision, blueprint, or roadmap to get you where you want to be. First off, recognize that the time of transition is often the hardest and that it won’t feel this way forever. At the same time, temporary arrangements made to parenting time, holiday time, or decision-making authority could change again as you negotiate the official decree. The more work you can do to create a plan for success, both financially and from a life design perspective, the sooner it will feel like a new normal rather than a time of uncertainty. Being intentional about what you want can help you settle into healthy and productive life patterns faster through adapting habits related to finances, a new job, a new parenting schedule, and decision-making. You can get clear about what’s possible and realize the future you desire through preparing, planning, budgeting, saving, projecting your retirement savings, and understanding any financial protections you may need (such as insurance). For example, if you plan to take on a new house payment, have a new job, and have savings set aside, working on a budget to understand how much you’ll want in retirement savings in your divorce settlement to complement other financial assets is critical to realizing the financial freedom you want in the future. Own Your Decisions In addition to struggling with the transition of your divorce and all the associated change, you may notice that, possibly for the first time in your life, you’re making decisions on your own. If you find yourself struggling with these decisions, know that that is normal. You are no longer making major life choices about everything from your living situation to your career with the input of your partner, his/her expertise, and perspective. You may feel added pressure or uncertainty due to these new autonomous dynamics. Once again, your divorce can be a catalyst for you to get clear about what you want, based on your values and life vision, which might even be difficult to even articulate after sharing so much of your life and self with a spouse. For example, if you are moving into a new house post-divorce, this may be the first time you have made the decision about your living space and location on your own. In order to make a decision that aligns with your needs, reflect on what is truly important to you without the influence of your former spouse and his or her opinions about living arrangements and circumstances. You now have the opportunity to define new decision-making criteria, taking financial considerations into account. Along with this, you have a new responsibility to yourself and your own happiness by choosing a path that aligns with your wants and needs. Get Clear about What You Want Divorce is an opportunity for re-evaluation, planning, and preparing for the life you want. It’s an exciting time for you to build your future! Recognize that the decisions you make as you negotiate various aspects of your divorce decree can have a ripple effect. As you consider all the options available in your future, notice how one change or decision can impact others and/or limit what’s possible for you from a work and earning perspective. For example, the parenting time agreement will influence what’s possible with your career as well as child support and/or maintenance. This will impact your finances as well. In another example, quitting or changing your job won’t necessarily impact your financial obligations or what you receive from your spouse for support, since imputed income and historical income will be taken into consideration in these circumstances. Instead of looking for ways to minimize what you might owe your spouse or extract as much value from your spouse, do what is best for your future long-term. Don’t get wrapped up in short-term wins. For example, sometimes going back to work immediately can ‘hurt’ your short-term situation and the support you receive, but not always. Other times, getting back to work immediately can help you from a resume-building and independence perspective, which can be rewarding psychologically, especially long-term. Your attorney can advise you based on your unique situation. Lastly, recognize when you are just trying to “win” in your divorce versus setting yourself up for the best financial future. Be willing to surrender and compromise for the best long-term situation, even if it means “losing” some aspects of the divorce battle. A major transition in life, such as divorce, can be a catalyst for positive change and you have an abundance of choices to make that can facilitate a secure and rewarding future. It’s possible to improve your finances and your relationship with your children, friends, family, and self during this time. By focusing on your values and investing in your financial future, you can reclaim the life balance you want. At A.M. Financial, we are here to help you budget and plan for the future with the resources you need. We can support your decision-making process by providing financial insights when it comes to planning the next phase of your life. Contact us to share more about your specific situation and learn about how we can help.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "13/01/2023", "datePublished" : "13/01/2023", "headline" : "Divorce: A Catalyst for Change", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-YOt7Qk.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/divorce-a-catalyst-for-change", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "Divorce season is upon us. January is the most common time for divorces throughout the year, for various reasons. Many couples are trying to get through the holidays for their families, or are taking time during the holiday season to reflect on their relationship happiness and make a decision in the new year. More logistically, other couples might be discussing divorce for awhile and choose to file at this time of year due to the financial clarity of filing at the beginning of the year from a tax and income perspective. Even if divorce has been on your mind for some time, don’t underestimate the changes that will occur during and after your divorce. Recognize how difficult this time may be for you, your family, your spouse, and your finances. Not to mention, the decision to get a divorce is not always black and white. If you still aren’t convinced that divorce is the right next step, explore Discernment Counseling with your spouse to get a more definitive conclusion about whether divorce is what you want. This method of therapy helps indecisive couples reach a stay or go decision about their marriage. Once you know that divorce is imminent, you’ll have to navigate two key tasks that are important in the early phases of your divorce: sorting through the finances and choosing a divorce method. In this post, we help you understand more about making decisions around these early tasks in your divorce. Prepare Financially Even before you officially file for divorce, it’s critical to get your finances in order. In fact, one of the first mandatory documents required by the court is a Sworn Financial Statement, which is a summary of your income, assets, debts, and expenses. As you complete this document, you’ll also want to verify account access and make sure your name is clearly on any assets that you own or co-own with your spouse. Is a Divorce in Your Future? Get Prepared with These Essential Tips. In addition to documenting various aspects of your finances, start thinking about your budget and your current or necessary spending. Instead of making any significant purchases right now, start putting aside money for future needs such as divorce expenses, possible moving expenses, new furniture, and even a deposit on a new place to live. If possible, pay off as much debt as you can before filing to reduce the complexity of your settlement. Lastly, begin to interview financial advisors that can help you plan for your financial future alongside your divorce (no matter which divorce method you choose). Choose a Divorce Method If you aren’t familiar with divorce, you may assume it will look like it does in the movies with courtrooms and high-powered attorneys presenting their side of your case to a judge. That isn’t the way more divorces unfold in the real world. In fact, there are four common divorce paradigms with pros and cons to each approach. Choosing the right method for your situation will impact your finances, timeline, relationship with your former spouse, settlement, and other aspects of your life. The divorce method you choose largely depends on how much you can spend on your divorce, your desired timeline, and how amicable the situation with your ex is. The four common types of divorces are: 1. Do-It-Yourself (DIY) Divorce This is a good choice if you have minimal conflict with your ex. It’s also favorable if you have fewer or less complex assets, similar income, and/or no children. Of course, one of the top benefits is saving money, yet sometimes this type of divorce can get drawn out if there is confusion about what to file, or if one party is dragging their feet. Without experts guiding the process, there may be more misunderstandings or confusion, especially about long-term needs or agreements. It’s critical to work closely with a financial advisor who specializes in divorce if you choose a DIY divorce so that you make informed decisions about your finances. A divorce coach can also be helpful in a DIY divorce, providing guidance, non-legal expertise, and support during this time. Divorce coaches are especially helpful if you expect a significant life change following your divorce, such as a new job or relocation, or endured an abusive relationship with your ex. 2. Mediator-Led Divorce A neutral third party can often help guide you if you and your spouse are mostly on the same page about their divorce, and mediator-led divorces can cost far less than hiring attorneys. This method of divorce often reduces conflict and speeds resolution on key disagreements around parenting time or how assets will be split. Both parties often feel heard and don’t experience the emotional toll of going to court or battling toward desired outcomes through their attorneys. However, the quality of the assigned mediator can have an effect on the outcomes and occasionally, limited time means that important topics are overlooked. 3. Litigation & Hiring an Attorney Some couples might try the first two methods before eventually hiring attorneys and preparing for court. This can sometimes be the only option if there is hostility, ongoing disagreement, safety concerns, abuse, addictions, or a reluctance to compromise. This method can be the most expensive and can have the longest timelines since the court is involved. You may feel less in control of the outcome of your divorce negotiations. On the plus side, having someone advocate for you can set you up for long-term success and stability. Recognize that hiring the right attorney by screening them in an interview is essential to getting the outcomes you want. Don’t overlook how important it is to choose an attorney with the experience and resolution style you need to settle your case, as well as one who is aligned with your values. Ensure that the attorney you choose is open to working with other experts in your divorce, whether you consult them for parenting time advice or financial guidance. 4. Collaborative In a collaborative divorce, a team of professionals help you settle out of court. The team can includes coaches, financial professionals, mental health experts, realtors, appraisers, mortgage professionals, child behavior specialists, and more. This is a great choice if you and your spouse’s goal is to retain the best post-divorce relationship, and are solution-oriented. In this type of divorce, you commit to reaching a mutually acceptable agreement. The professional team helps you reach resolution and creates a supportive environment of healing and recovery for your whole family. Learn more and find professionals on the Colorado Collaborative Divorce Professionals website. Consider what method might work best for you based on the relationship with your ex, the resources available to you, and the timelines you hope to achieve with your divorce. Begin interviewing the experts you need early in the process, so you are ready to meet timelines and stay informed about your options. If you need help organizing your finances and understanding your financial disclosure obligations in your divorce, contact us for professional financial support. If you would like to receive a list of the top divorce methods, along with their pros and cons, contact us for a copy of this important resource.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "04/01/2023", "datePublished" : "04/01/2023", "headline" : "Divorce Season: Key Tasks for Success", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-Ue7fIJ.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/divorce-season-key-tasks-for-success", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "In my work supporting divorced individuals in the Colorado area along their financial journey, I see one particular group of clients who struggle more than others. Long-time stay-at-home mothers who weren’t involved with managing the finances or individuals who may have fully handed off financial management to their former spouse tend to have significant struggles during and after a divorce. In this post, I highlight the two main insights I have about this group. If you identify with this group, I’ll share ways you can change your perception of money to better support your financial goals. Lastly, I’ll offer ideas and tips to make the transition to post-divorce budgeting easier. Money is a Limited Resource Many stay-at-home moms had access to what may have felt like unlimited funds in their marriage. Some may have had a credit card that their spouse paid off and managed and used it freely for groceries, gifts, items the kids needed, registration fees for sports, spa days, and the list goes on and on. After a divorce, individuals who weren’t involved in financial planning or didn’t directly generate income for the family go through a period of relearning budgeting as they now likely have a fixed income and must fit their spending needs into a monthly allocation of maintenance and/or child support (along with any other supplemental income they might have such as now working outside the home). It takes time to fully recognize that money is limited, especially if it didn’t feel that way in their marriage. Only when we learn that money is limited can we really understand the true ‘value of a dollar and money in general. If you previously were not involved in money management of the home, you may be pretty far removed from all the expenses required for day-to-day living. If your spouse was a single-member CFO in the relationship, you may not even see all the bills that were coming out of your account via direct deposit each month or you may not have a clear understanding of the cost of maintaining things like a home, car, and more. You may even be overwhelmed by setting all this up yourself and making sure you have enough money in the right accounts for regular bills, checks, and payments to clear. If you weren’t involved in the day-to-day finances and budgeting in your marriage, you were likely also not part of retirement planning. Therefore, you may have a significant blind spot around how to budget and invest for retirement, how these decisions impact your taxes and the importance of planning for the future. It’s critical to get the help and support you need from a financial professional to ensure you don’t end up with a surprise tax bill or worse, end up unprepared with the resources you need for retirement. Most stay-at-home moms I work with post-divorce go through a process that leads them to understand money’s value firsthand. This comes through having to make hard decisions about what’s most important on a monthly basis, and learning how to make decisions when you have competing financial demands by creating a budget that aligns with your values. Budgeting is Key to Success Budgeting and money management can be extremely difficult post-divorce. It requires discipline, prioritization, and sacrifice. In order to create a budget that truly works for you and your family, you must first spend time outlining your values and aligning your limited money with those values. This process of understanding your financial priorities leads to the most life satisfaction when finances are tight. For example, if experiences are important to your family, such as vacations, nights out, dinners, and events, then you’ll have to make sacrifices elsewhere to prioritize spending in this category. If you appreciate and want to prioritize a nice home that is fully decorated, professionally cleaned, and landscaped, and have friends over regularly to enjoy it, your social finances might be spent in this category instead. It’s important to get clear about where items like new clothes, organic food, and putting your child in competitive sports fall on the value spectrum for you so that you can align your budget accordingly. As you work through the process of developing a values-based and realistic budget, have grace and patience with yourself and your advisors. As you get closer to understanding your financial limitations, you may want to share those more broadly with your family. Depending on the age of your children, you may want to create transparency around financial priorities in your post-divorce life and even get them involved in the planning and balancing of your budget. Similarly, you can share the amount of money you have budgeted for the holidays with close family members in an effort to align gift-giving expectations with your finances. A financial advisor can help you create a budget that not only aligns with your values but also improves your financial confidence by setting spending boundaries for you and your family. Committing to an ongoing relationship with a trusted financial partner means you can revisit this budget often to understand whether you must supplement it with part-time or full-time work and to ensure you are saving enough for retirement and emergency expenses. Budgets must also evolve with your changing family. Your teen children won’t have the same financial needs as your toddlers did, and your values will continue to change over time as well.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "01/06/2022", "datePublished" : "01/06/2022", "headline" : "Stay at Home Moms: Learning to Budget Post-Divorce", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-87B5FB.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/stay-at-home-moms-learning-to-budget-post-divorce", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "Many divorcing parties believe their case will go to court because there is so much friction and disagreement about the path forward. The media also portrays divorce this way. In reality, it’s much more likely that you’ll settle details of your divorce through collaboration with your attorneys during mediation. Many courts will order mediation before you involve a judge in your case. Mediation saves the parties time and money because it takes more time and resources to prepare for trial than to negotiate with a mediator. Courts also order mediation because it is often successful and generally parties are more satisfied with the outcome of their case than those who ultimately go to court. In this post, we help prepare you for the financial aspects of your mediation, including steps you can take to get ready, building your support network, and understanding limitations. Prepare Your Case If you have arrived at mediation, then you likely haven’t been able to come to a complete compromise on an aspect of your settlement. In approaching mediation, you can more easily make a case for what you want in your settlement if you come prepared. Make sure to complete and exchange any required documentation, such as a sworn financial statement, before mediation. Create a list of key topics that matter to you to ensure the conversation stays on track. Meet with a Certified Divorce Financial Analyst (CDFA) before mediation to understand future cash flows, tax implications of asset division, and budgets. The more familiar you are with the subject matter the more comfortable you will be to negotiate toward a better outcome. Get clear about what you want, your goals, and your desired outcomes of mediation. Make sure you and your attorney have discussed these wants so that you can frame your negotiations around them. Consider what you’ll accept, from cash, to assets, to how you’d like the home divided and any other decisions that are unique to your divorce. Consider the tax consequences, financial logistics and benefits of all possible outcomes beforehand, so you understand the implications of what you might agree to in a mediation session. Calculate a post-divorce budget that you can present to the other party with detailed monthly income and expenses. Outline detailed future expenses like child care and health insurance. It can also be helpful to put together various scenarios based on employment situations (part-time, work from home, work in office) if you are currently not employed. Bring mortgage refinance information including future payments and cash out possibilities to be considered, timelines including when a mortgage can be refinanced based upon regulations, and what spousal or child support is needed. Design Your Support Network More than ever, people getting divorced are involving a variety of experts to advise them throughout the process. Consider who you might bring to various mediation sessions or who you may need to hire to support negotiations. Consider involving a financial expert who specializes in divorce to negotiate the details of your portfolio or a loan advisor to negotiate restructuring your home mortgage. Know Your Limits Don’t forget that you are not obligated to settle the details of your divorce in mediation. You’ll likely have a list of non-negotiables, and that is okay. You can walk away from these sessions if your non-negotiables aren’t being addressed in a way that is acceptable. You can also schedule multiple sessions if there are many details to negotiate in your divorce, if you need several different experts, or if long sessions tend to get heated. Sometimes, you may agree to a large part of your settlement through mediation, and still go to court for just one or two aspects that you can’t come to an agreement around. This can sometimes be an ideal outcome. A.M. Financial can help with financial expertise for those going through divorce by providing insights and tools unique to your situation. Contact us to share more about the finances of your divorce and learn how we can help.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "01/06/2022", "datePublished" : "01/06/2022", "headline" : "Preparing for Mediation in your Divorce", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-svNrIK.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/mediation-in-your-divorce", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ```