So I am on my own now …What should I do? Divorce. Not many people like to talk about it, but it is a fact of life. It’s estimated that between 30-40% of all marriages end in divorce. I have dealt with a lot of divorced clients and although their situations may be vastly different, the one thing that they all have in common is the emotional stress associated with the parting. As well, it may also be one of the most complicated, most far-reaching financial events of your life.
I cannot tell you what constitutes a “fair” distribution of assets but I can help you feel more comfortable with handling your financial affairs on your own.
Discussing your new financial situation with a qualified advisor is the first step in insuring your financial future. You will need to develop a plan that is based on your current and future needs to protect and grow your wealth.
Developing a sound financial plan involves:
1) Reviewing your entire financial situation to establish your current state of affairs
• current income
• current and planned expenses
• financial assets and liabilities
2) Determination of your needs and objectives
3) Analysis of your ability to meet your needs and objectives based on your current situation
4) Recommendations designed to insure you meet your needs and objectives
• This includes developing a plan for investment that will provide the level of income and growth required on an ongoing basis
5) Implementation of recommendations
6) Ongoing review of your financial situation and timely changes to address changing financial circumstances. It is critical to regularly monitor, measure and evaluate your financial plan to insure financial security.
Divorce can be complex. If you get it wrong, you’ll feel it for a long time. If you’re currently going through a divorce, or if you’ve just reached a settlement, make it your number one priority to speak with an experienced financial professional. That way, you can alleviate some of the anxiety and stress that a divorce can create, and get on with your life.