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Viewing entries tagged with 'divorce'
It's All In Your Hands
IT’S ALL IN YOUR HANDS
A Post-Divorce Action Plan
You have just gone through one of the most challenging and difficult periods that a woman can experience in her life – a divorce. While many things may still be in up in the air, one aspect of your life that you should make sure you’re in control is your finances.
Financial planning for divorced women is not that much different than financial planning for married couples. Several basic elements are the same. However, the differences offer both good news and bad news. The good news: you can make plans and decisions based solely on your needs and goals. There won’t be miscommunication or conflicting ideas. The bad news: it’s all in your hands. Any mistakes will be your own and a poor decision can’t be salvaged by the income or assets of a partner.
The following post-divorce action plan offers a few things worth considering:
One way to counter the bad news is to find a trusted fiduciary fee-only CFP® professional to seek advice from. Many of these fine professionals specialize in divorce planning, and many may have walked in your shoes during their life.
After a divorce, friends are often split between spouses. Financial planners can be the same way. If you lost yours in the divorce or never had one to begin with, it’s a good time to consider finding a professional who can help you make sound financial decisions for your new life.
To find one, start simply. Ask friends or acquaintances who it was that helped them when they went through a divorce. The attorney who handled your divorce may also be a good source for a referral. It’s important to have someone help you who has previously assisted or - best of all - who specializes in helping divorced women.
Selecting the right financial professional for you is a critical step. After all, this person will be helping you with the important financial decisions you now have to face.
Long-term care insurance may become even more important post-divorce.
Long-term care policies are designed to cover the costs of care if you are unable to care for yourself because of age or if you become ill or disabled. Long-term care is especially important for women because they typically pay more for it than men do. The reason is simple: women typically live longer than men and usually require longer care during those additional years.(source)
