Taking Control of Your Financial Future After Divorce

by | Jul 14, 2022 | Financial Planning

Divorce is one of the most challenging transitions that you can experience. It can feel as if the future you envisioned has disappeared from the horizon, leaving you lost at sea. But for some, divorce can be an opportunity to build a new future – one built on a foundation of independence and self-sufficiency.

Many things change after a divorce including your financial position and your priorities. You are also likely to find yourself with new or expanded responsibilities when it comes to managing your finances. For many divorcees, partnering with a financial advisor is an important first step in managing these responsibilities and taking control of their financial future.

An Experienced Financial Advisor Can Help Divorcees Take Inventory of Their Assets

The first thing you will need to do for your finances when entering a divorce is consolidate your assets and get a clear picture of what you have. To do this, you may need to move assets into your own name if they were previously shared with a spouse. A financial advisor can help you establish new accounts to receive these assets and assist with any paperwork required to make the transition.

Once all your assets have been retitled, you can begin to understand your new financial picture. You could find that your household income, savings, and retirement account balances have changed dramatically. Taking these factors into account, an experienced financial advisor can help you evaluate your current financial position. During this process, you and your advisor can evaluate your income and expenses to determine how much you can comfortably save each month.

A Financial Planner Can Help You Adjust Your Goals After Divorce

Often, divorcees find that the financial plan they created with their former spouse no longer matches their vision for the future. Some need to adjust their plan to account for higher monthly expenses now that a spouse is no longer contributing to the household. Others have more money to save and need help deciding how to invest.

It can be difficult to adjust your vision for the future after a divorce, but an experienced financial advisor can help. With a clear understanding of where you are currently, and where you would like to be in the future, an advisor can help detail your goals. At Brookstone Wealth Management, we call this process finding your True North.

Create or Modify Your Financial Plan After Divorce

Once you know your starting point, and your end goal, you need a plan for every step along the way. Your financial plan should include savings goals, investment decisions, insurance planning, tax minimization, and an estate plan. Because your financial plan needs to be so comprehensive, you need to choose the right financial planner.

With the right financial partner, you can create a plan for reaching all your financial goals whether those include paying off debt, covering educational expenses for your children, or funding the retirement of your dreams. Whatever your goals might be, an experienced financial planner can help you achieve them.

A Financial Advisor Can Help You Choose the Right Investments to Match Your New Situation

An important part of a successful financial plan is determining which investments will help you reach your financial goals. These investments should be chosen with your goals and risk tolerance in mind. With the right investments, your assets can grow during your saving years, and provide income during retirement, while minimizing unnecessary risk.

After divorce, your goals and risk tolerance may have shifted, and your investments should reflect your new situation. You may find that you are no longer comfortable taking the same amount of risk. Alternatively, you could find that you need to take more risk to meet your goals. Either way, an experienced advisor can help you determine your risk tolerance and tailor your portfolio accordingly.

With the Right Financial Partner, You Can Feel Confident in Your Plan

By partnering with the right financial advisor, you can create a comprehensive financial plan that reflects your new situation and your personal goals. This financial partner should be compassionate, and work to help you understand your plan and the steps necessary to reach your goals.

You can think of your advisor as a financial coach – a strategist who is always ready with a plan, a mentor to help you make progress toward your goals, and cheer for you along the way. With the right financial coach, you can feel empowered to move forward and confident in your plan.

Seize Control of Your Financial Future with Financial Fingerprint™ By Brookstone Wealth Management

At Brookstone Wealth Management, we focus on coaching, teaching, and mentoring our clients. We want each of our clients to feel confident that they understand their financial plan and the steps for achieving their goals – whether they are single, happily married, or going through the dreaded divorce. That’s where our proprietary wealth management program, Financial Fingerprint™ comes into play.

Financial Fingerprint™ is a comprehensive financial plan that is quick to assemble, easy to understand, and most importantly simple to modify as your circumstances change. With Financial Fingerprint™, and an ongoing relationship with an experienced financial advisor, you can take control of your financial future and find your True North.

To get started, contact us today.