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Personal Finance Family Finance
How women going through divorce can take control of their financial future
It is critical that women find a caring professional to look after their financial situation at any stage of divorce or separation. Photo by Getty Images/iStockphoto Files
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Divorce and divorce are never easy. In addition to taking a huge personal emotional toll, women worry about their new future, struggle with not being able to see their children every day, and worry that they won’t be able to continue living in their parental home.
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It is critical for women at any stage of divorce or separation to find a caring professional to look at their financial situation and answer the most basic question of all, “Am I okay?”
You have so many decisions to make, starting with hiring a reliable family law attorney. Then be ready to put in a lot of work to organize all your financial information and notify the institutions you deal with about your new status.
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In general, it is advisable to continue living in your parental home during this time. If there are children, think about the ideal co-parenting plan.
Gather information and make as complete a list as possible of all your and your family’s assets and debts. Family assets built up during the marriage are usually divided between you and your spouse.
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Amend your will accordingly and as soon as possible. It is important to remember that dissolution of marriage does not invalidate your will. A licensed probate attorney can help you with this.
Draw up credit in your own name, if you have not already done so, such as applying for a small loan or a credit card.
Work with a qualified investment advisor who will incorporate financial planning into their practice, take the time to ask questions, and listen to your concerns. A good advisor will help you set goals and milestones for your financial future.
We find that women going through divorce tend to be attracted to female counselors. Talk to the advisor beforehand and ask about their experiences with women in your situation. Personal understanding, trust and similar life values are also important.
Stay strong through the process and come through to the other side. It will be fine.
Sofia Goryn is an investment advisor at RBC Dominion Securities, RBC Wealth Management.
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This post Seven Steps to Help You Stay Firm and Strong After Divorce
was original published at “https://financialpost.com/personal-finance/family-finance/seven-steps-to-help-you-stand-tall-and-strong-after-divorce”
