Empowering you to redefine your financial independence now that your course has changed.
As someone who’s not only survived a divorce after 16 years of marriage, but helped countless others in this area for almost 30 years as a financial advisor, let me first start off by saying this – you’re going to be OK.
That said, I understand you’re likely experiencing a confluence of emotions. While you may feel sad and possibly relieved it’s over, there may also be a sense of vindication that you received the settlement you deserved. However, for many I’ve worked with, that satisfaction can quickly be followed by a sense of unease. While your attorney was likely a powerful advocate on your behalf during the proceedings, you may now be faced with – possibly for the first time – the burden of how to manage your newly acquired financial independence.
Despite how you’re feeling, there are 3 important things you should address after your divorce.
- Be sure ALL the components of your divorce decree have been completed. Be proactive rather than reactive here. Things like beneficiary changes on life insurance, IRA’s and any company retirement accounts. Has the division of retirement assets been completed per the Qualified Domestic Relations Order (QDRO)? Confirm your health insurance is in order. Update the deed(s) on any real estate.
- Now that you’re formally separated….SEPARATE. Close and replace any joint accounts with those in your name only. (always adhering to the separation agreement) This includes accounts at your bank(s), brokerage(s), as well as all credit and debit cards. You may also want to check your credit report for any items of concern as well.
- Protect your interests going forward. Establish and meet with your OWN team of advisors. Update and address items such as your will, trusts, healthcare proxy, IRA’s, etc.
Just as you smartly obtained a competent legal advocate, you should now align in similar fashion with a financial advocate. Should you, like many I speak with, feel hesitant to do so because you’re embarrassed at your lack of understanding about your investments…don’t be. Most investors privately admit they don’t fully understand them either. Additionally, you may also feel “trapped” in a relationship with your ex-spouse’s broker out of a sense of loyalty, even if you’re not comfortable…you don’t have to be.
Just as you were selective about your own attorney, you must now be selective in this area as well. It’s OK to select your own advisors. Doing so will empower you to redefine your financial independence now that your course has changed.
Align yourself with a board Certified Financial Planner. They’ll not only properly advise you, but teach you about money. Knowledge in this instance is power.
- The power to feel secure.
- The power to protect yourself.
- By being smarter about your money, you’ll be empowered to stand up for yourself – and that’s a good thing
Be sure to view “Divorce and Assets…50/50 is Often Anything But” or download our FREE DIVORCE REPORT “DIVORCE: Financial Mistakes To Avoid Before, During & After”.
It all starts with a short telephone conversation.
To learn more about the unique successes our clients have achieved… during times when others have not…we encourage you to contact us below.