Financial Planning For Divorced Women
Going through a divorce can be an emotional time, where your life is consumed with uncertainty and more questions than answers. Scenarios may be running through your mind like what will this mean for my family, myself, and even my financial situation? According to a recent study, more than 95% of women do not use a financial advisor when getting a divorce, despite having financial goals that they want to achieve. This mistake can have lifelong financial consequences and sadly often occurs. At A.G. Campbell Advisory, a wealth management firm with offices in Baltimore, Maryland and Naples, Florida, we offer financial planning for divorced women to help them navigate this step in their life. So how can Financial Advisors help?
A financial advisor can help you review your lifestyle to gain a better understanding of what your financial situation is and what your goals should be before and after a divorce. They will also be able to identify critical financial assets that will help you get your fair share in a divorce such as:
- The family home
- Banking Accounts
- Retirement Accounts
- Jewelry – including wedding and engagement rings
- Family Heirlooms
Most importantly, a Financial Advisor should be able to help you with the following steps.
Helpful Tips for Financial Planning for Divorced Women
Gather and Assess Your Financial Situation
A Financial Advisor will work with you to help you reach the best possible settlement for your financial needs and future. When getting a divorce it is vital that you gather as much accurate and comprehensive information as possible. When in doubt ask your Financial Advisor what to do. In order to protect your financial position, you must disclose all information regarding your marital assets and liabilities. By doing so you will have a complete understanding of your finances and have the building blocks in place for your divorce financial planning strategy.
Budgeting and Cash Flow Analysis
Depending on which state you live in, not all assets will be divided 50-50. This is especially true for items such as your home, business ownership interests, and retirement accounts. A Financial Advisor will be able to help you understand the financial issues and tax implications of taking ownership of these various assets, and how they will impact your financial future.
Risk Management, Asset Protection, and Estate Planning
A part of financial planning for divorced women is making sure that you are going to be protected even when unforeseen events take place. Examples include the loss of alimony, or an ex-spouse passing away unexpectedly. A Financial Advisor will help put plans in place so that even if unforeseen circumstances arise you can still meet your new financial goals and objectives. They will also make sure that during your divorce that your wills and trusts are up to date and reflect your post-divorce desires.
Put Your Strategic Plan Into Action
Once your financial assets have been reviewed and communicated, your Financial Advisor will be able to help you put your strategic plan into action. Working with a financial professional during this period will provide you valuable support as you navigate towards financial stability after divorce.
How A.G. Campbell Advisory Can Help
We use our decades of industry experience to advise our clients in all areas of the financial planning process. We apply a strategic approach to financial planning where we address the full spectrum of planning needs, then develop a “road map” which is adapted as lifestyle needs change. This disciplined coordinated approach provides peace of mind to clients.