Which is going to hurt more during a divorce—the emotional or financial aspects? According to Fidelity Investments®’ Divorce and Money study, which examines the financial and emotional well-being of Americans who have gone through a divorce, it depends where they are in the process. For most people, the emotional aspects feel most difficult to deal with up-front: 56% identified the emotional aspects as “very stressful” at the beginning, versus 43% who said the same about the financial aspects. However, once the divorce decree is signed, the game changes and financial stress becomes greater and longer-lasting—with more than one third of respondents (35%) saying five years post-divorce, they have yet to fully financially recover.
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To help people planning for, or currently experiencing, a divorce navigate more smoothly through what can be a difficult time in their lives, Fidelity has introduced an online experience as one component of its newly-introduced Life Events offering. The ‘Getting Divorced’ experience is designed to help people untangle an often complex process, from assessing one’s situation and building a professional team, to negotiating terms and rebuilding one’s life.
“When it comes to recovering from divorce, the good news is, it’s possible to get through it and actually be in better shape both financially and emotionally than when you started,” said Meredith Stoddard, experience lead, Life Event Planning at Fidelity Investments. “Going through a divorce can bring up a wide range of emotions – such as sadness, fear, anxiety or relief. With so much at stake, most people look back and wish they had more guidance. What the research shows is that the key is to get involved and stay involved in the finances.