In times of change and uncertainty, you must make the best decisions for your future. When divorce arrives on this doorstep, it can be difficult; however, with some careful planning, we’ll help guide our clients through these waters, so they don’t find themselves lost at sea financially or otherwise defeated by their circumstances!
When you hear critical divorce advice, “protect your assets,” it’s natural to be concerned. You may not be aware, how or where to start with protecting what could potentially be a large amount of money and valuable items in the event things go south between yourself and an ex-spouse. However, we will walk through every step necessary for securing future financial stability after separating from our marriages, so there is no reason why any married person should feel insecure about their situation during this trying period!
Enhance the Earnings of Your Greatest Asset
The most valuable asset we all have is our career and earning ability. This can be difficult for women, as they may need to take time off from work due to other responsibilities such as caring for children or housework during a divorce process that becomes even more demanding when there are two homes involved with both people living in them fulltime rather than just one person making all the decisions on behalf of you alone like would happen if only mom were dealing her affairs. At the same time, dad remained home raising kids instead!
Investing in yourself is the best way to increase earnings. Education has been proven time and again as one of history’s most successful investments, so don’t skip this step! Consider getting other degrees or certifications that will help your career progression while also providing a financial benefit for you now but, more importantly, a down payment on what could be an even bigger return decade from now when retirement funds start running low.
The power of compound interest is a powerful thing. For example, if you can increase your salary from $50K per year at age 45 and live until 65 before retirement, that would mean an extra 210k saved up just by making more money over time! And the best part? You can use these savings for something worthwhile like investing in yourself through side hustles or even starting some businesses on hiatus during peak earning years, so when we retire, our portfolios will be worth even MORE than before because there was plenty leftover after paying off any debts related with living costs such as mortgages, etc.
It’s Always Early to Relaunch Your Career
The following is an excerpt of Kelley Joyce’s article, which specializes in guiding women to find success through happiness and money-making during their work life. She stated that you can never be too old or stop pursuing lucrative careers years ago for the sake of managing family time at home; there are many valuable skills that this person still possesses today with supportive coaches like herself helping them get back on track!
Lisa Zeiderman, a New York divorce and family law attorney, says that women must focus on their careers throughout the marriage or face spousal support payments. The laws surrounding this type of funding can be harsh for both parties involved- so it’s best not to get married until you know how much time off work will affect your monthly income needs! When you and your spouse disagree about what to do with assets, it can leave a bad taste in everyone’s mouths. Zeiderman suggests that by giving up control of certain things like property or money during the marriage, one might be unable to get through a tough time if there is a disagreement between partners. Still, he also cautions against overconfidence because even though we’ve built careers for ourselves before – this too shall pass!
Understand What It Costs to Live
When you’re not financially ready for the future, it can be difficult to calculate your monthly expenses. For example, many people do not have their mortgage or utility bills handy when they start budgeting – which means that these important costs might get overlooked in an already tight financial situation!
It’s easy enough to take out our phones and use Google budgets, but this isn’t always possible, so one must rely on actual numbers from past months’ spending instead of guessing at current ones with only vague memories as guidance. The financial impact of ending a marriage can be huge, even if you are well prepared. One-time events such as New Year’s dinner or purchases like replacing your phone may seem insignificant initially. Still, these little spending habits add up to big dollars over time!
After a lifetime of marriage, many women are left with less disposable income than when single. These days it’s not just nailed salons and Soul Cycles that you have to budget for – there are also education costs associated with getting your kids back into afterschool programs; groceries again since food stamp benefits don’t go far enough these days (and we all know how expensive real live vegetables can be!), etc., so make sure everything gets recorded properly before walking away from the relationship!
Tailor Your Portfolio to Your Needs
UBS’s study shows that 85% of women manage their everyday expenses, but only 23 percent take the lead in long-term financial planning and investing. Learn how your various accounts can help you reach new goals in retirement with an appropriate mix between short-term gains or losses on investments and preserving capital, so it’s there for future generations too!
Ramnani shared a recent cautionary tale about an elderly client who let her husband direct investments after divorce. The portfolio Ramnanis reviewed included nearly 40% risky emerging market stocks, which are not appropriate for a single woman in their mid-60s years with low-risk options available like US Treasury bills or CDs from banks such as JP Morgan Chase & Co., National Association Of Warranty Employers presenting protection against business interruptions caused by natural disasters, etc.
The vast majority of women are not aware that their investments will change after a divorce. You may want to keep what you had before. Still, it’s important for long-term success, like wearing your ex’s pants too tightly or having clothing disasters when the two parties have different sizes – things won’t fit well in any area because there was no planning ahead by either party who knew how hard this would be on kids/spouses, etc., especially if one person drained most all resources during conflictual periods (think credit cards).
Divorce sometimes can be a very stressful time in your life, and it’s important to protect what you’ve worked hard for. A diversified portfolio with some low-risk investments is key so that even if something goes wrong, such as an economic decline or unforeseen circumstance (i.e., health issues), there will always be ahead after all this adversity!
Finding a financial advisor can be difficult, but it’s well worth the effort. Make sure you interview only those who are fiduciaries and fee-only; they have an ethical responsibility to act in your best interest by sharing independent advice without any conflicts of interest or biases whatsoever!
