The first key to your financial stability is trying to get the best settlement for yourself. And I don’t mean the amount, but the source of that money.

Assuming you don’t have a prenuptial agreement, you might have decades’ worth of “what’s mine is ours” to sort through. And then there’s also the individual retirement plans and employee benefits that you were both planning to use.

Take into consideration every asset under discussion: credit and debt, checking and savings account, current income, property, 401 k or 403 b.

It might be tempting to simply take half of everything, but the money in a 401 k or Traditional IRA comes with hidden tax implications.

My financial advice when divorcing is get as little money as possible from taxable retirement accounts so that you can have a tax-free retirement.

A lawyer might rely on a Qualified Domestic Relations Order (QDRO) to make sure you get a part of a retirement account. But you risk getting less income thanks to the tax bill. You can learn more about the pitfalls in a Qualified Domestic Relations Order in this webinar on financial planning for divorced women.

Once you have your settlement, what do you do with it? Let it sit in you bank account or invest it all in the next big thing?

Your quality of life depends now on getting a comprehensive financial plan for your goals and understanding the proper financial tools to get you from a to z without destroying your cash flow.

What sort of goals do I mean?

Spending your time with your children, family, friends, partaking in hobbies you enjoy — and not being held back by the thoughts of what could have been if you weren’t divorced.

How do you achieve those goals?

With good private wealth management habits, such as Individual Retirement Account (IRA) planning, tax planning, estate planning and investing in life insurance or another insurance policy as needed. Every situation is unique, so a holistic overview is vital knowledge for your success.

Whether your divorce is bitter or amicable, one thing is certain: your inheritance is going to look different.

After all the turmoil of court, it’s easy to not want to think about the future. You might already feel alone, and planning for death isn’t comforting.

Two points–

First of all, you don’t have to go through the divorce alone. We’ve compiled a list of resources for divorcees that can support you at this time.

Second of all, having your future affairs in order can provide peace of mind. You’ll know you’ve done all you can to plan for your loved ones.

A will that hasn’t been updated after a divorce can cause your former spouse and your other relatives a major issue.

A piece of your financial plan is to document your end of life arrangements. A sample checklist includes:

• If you have a trust, does the trustee need to be updated?
• Have you changed the beneficiary on your life insurance and Individual Retirement Account?
• Is your will up-to-date?
• Is your power of attorney accurate?
• Do you have a health care directive?

It can be wise to work with an estate lawyer to make sure your details are arranged correctly.