ST. CROIX INSIGHTS
Women: Three ways to recover financially from a divorce
BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC
These days, it’s not surprising when I receive phone calls from female clients looking to review their financial options before or after a divorce. Each time, the call has some common themes. First, will I be okay financially? Also, can I afford to keep my home? Honestly, I’ve never had to pay bills let alone manage an investment portfolio and I need help. Unfortunately, I’m not used to dealing with money and I have no idea on where to start. My husband used to do all this. Rest assured, you don’t have to do it alone. Now, St. Croix Advisors can help you recover financially from a divorce.
First, know your financial “state of the union.”
Also, whether you are preparing for a divorce, or you just finalized it, you need to know where to stand financially. Importantly, know your assets and liabilities from your checking, savings, investment and retirement accounts including your kids’ college funds, life, disability, health, property and casualty insurance, loans and credit cards. Furthermore, knowing the health of your financial well-being is key to your financial future and will help you make better financial decisions going forward. Finally, don’t be afraid to use technology to help keep track of all this.
Second, be involved with your money and finances.
Generally, from my experience, one spouse knows all the financial affairs of the family. Overall, I’m a big fan of having both spouses involved. Gradually, get involved now if you are not because you need to know where all the money is or isn’t. Sometimes, when going through a divorce, spouses attempt to hide or shelter the money so it’s not a part of the divorce proceedings. On that note, if you are starting to contemplate a divorce, know where your resources lie. Then, gather statements, tax returns, pay stubs, etc. Additionally, you’ll want to understand delayed business dealings, promotions, and other areas that could impact you.
Third, find emotional support.
Honestly, divorce changes your dreams, hopes, and expectations. Often, there is a grieving process many go through. Slowly, you may search for answers on why it didn’t work, and those answers may never come. Currently, I have clients who use the Eagle Brook Church Divorce Care program. Understandably, when you talk and are surrounded yourself with others who have, or are currently walking in your shoes, you’ll find comfort to rest your soul.
As you know, this is can be a very stressful time in your life and having your financial house in order takes time, energy and resources. Consequently, having your financial affairs in order will substantially decrease your overall stress level. Obviously, this isn’t an overnight process, so start today by planning and knowing you can recover financially from a divorce.
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Ask yourself- can my portfolio support my lifestyle in my retirement?