In this week’s Tuesday Tip video, learn how to protect your finances during divorce by avoiding 3 common mistakes women often make. Start fresh with confidence.. Please watch the video below, or read the transcript that follows, to learn more.
If you’re navigating divorce, one of the most important things you can do is understand how to protect your finances during divorce.
This life change can feel overwhelming, both emotionally and financially. But avoiding just a few common mistakes can help you feel more secure and in control.
Hi, I’m Phil Weiss, CPA, CFA, and Registered Life Planner with Apprise Wealth Management. In this week’s Tuesday Tip, I’d like to review three financial mistakes women often make during divorce—and how you can protect yourself.
Mistake #1: Not Knowing Your Financial Picture
When emotions run high, one can easily overlook the details. But taking the time to understand what you own, what you owe, and what you’ll need going forward is essential.
📂 You want to start by collecting important documents:
- Tax returns
- Retirement and bank account statements
- Mortgage and loan info
- Credit card balances
Knowing the full picture is the first step in how to protect your finances during divorce.
Mistake #2: Keeping the House Without Doing the Math
Holding onto the family home might feel emotionally right, but can you afford it?
🏠 Ask yourself:
- Can I handle the mortgage, taxes, and upkeep alone?
- What am I sacrificing—like retirement assets or liquidity?
Sometimes downsizing or selling is actually the stronger financial move, and a better way to protect your future. Remember that your house represents part of the assets you split with your soon-to-be ex. If you keep the house, that means you get less of the other assets. Plus, with two households to support post-divorce, the expenses of keeping that house may consume too much of the available cash flow. There are often emotional reasons to stay in your home, especially when you have children. Just ensure that staying there makes the most sense over both the short- and long-term.
Mistake #3: Not Updating Your Accounts and Beneficiaries
It’s common to forget this one. After divorce, many women leave old accounts, wills, and beneficiary designations unchanged.
✅ You want to review and update:
- Life insurance and retirement account beneficiaries
- Taxable brokerage and bank accounts
- Wills and power of attorney documents
- Joint accounts and credit cards
Ensuring these are current is a critical part of how to protect your finances during divorce and ensure your money goes where you want it to.
Final Thoughts—How to Protect Your Finances During Divorce
You’re not just closing a chapter. You’re writing a new one.
And how you protect your finances during divorce can help shape your entire next phase of life.
If you’d like a guide by your side during this process, I’m here.
Visit AppriseWealth.com to schedule a conversation.
You don’t have to figure it all out alone. Let’s take the next step together.
Thanks for listening. Have a great day. Remember: I’m here to help when you need it.
Our practice continues to benefit from referrals from our clients and friends. Thank you for your trust and confidence.
If you would like to speak with us about financial topics, including facing new beginnings, managing your investments, creating your life plan, or saving for retirement, please complete our contact form or schedule a call or a virtual meeting via Zoom. We will be in touch.
Follow us:
Please note. We post information about articles that can help you make better money-related decisions on LinkedIn and Facebook.
For firm disclosures, see here: https://apprisewealth.com/disclosures/
