Over the last several months, I have started receiving more questions about post-divorce support. I really enjoy continuing to work with clients post-divorce but I also take new clients who have already finalized the process. I find this work especially rewarding because it’s about moving forward to reach your hopes and dreams for the next chapter of your life. In addition to general financial planning/coaching services, I offer investment planning through Great Lakes Investment Management.
I recognize that this stage can be particularly stressful for some people, especially if it is the first time you have been responsible for your finances. It can seem overwhelming whether you walked away from your marriage with limited assets or a significant amount of assets. While the sources of financial stress may vary, that does not make the situation any less challenging.
The first step is to fully understand your starting point. Create a statement of net worth showing all of your assets as well as all of your liabilities. You’ll want to keep this updated so work with your financial advisor or use a system you are comfortable with to do so. As a professional, I have some great software that makes this an easy-to-manage task.
Once you know your starting point, it’s time to come up with some goals. Of course you want them to be SMART (specific, measurable, attainable, relevant and time-bound). Some people struggle with quantifying these goals. This is another great time to engage with your financial advisor. Once you know where you want to be in 3 months, 6 months, a year, 5 or 10 years, etc., it’s time come up with a plan.
When you start working on your plan, you may find that you need to adjust some of your goals. That’s not a problem once you have a starting place. These goals can actually be adjusted every time you revisit your plan if need be. Let’s face it, life happens and we do not always know how our plans may change. It’s important to be flexible while maintaining focus on your goals.
Remember, you are not alone. Surround yourself with people who care and professionals who are committed to helping you achieve your goals. Wishing you the very best in this next chapter of your life!
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