Published by Taylor Financial Group (for women)
I’ve come to realize that most things don’t last forever. For example, I get so excited when my oldest daughter comes home from college for the weekend. Nothing beats the feeling of having the whole family together. But, before I know it, it’s Sunday night and she has to return to school. It’s a constant reminder that all good things must come to an end! Sadly, this truth sometimes applies to marriages as well. With women living longer and becoming more financially independent, “grey divorces” are becoming more common than ever. As a financial adviser, I have seen divorce financially tear down women because they’re not prepared for the scenario. So, now, I want to dish on the frequent mistakes women make during divorce and how they can get back on track.
Women typically have three main concerns after divorce. Money (the biggest concern), their children, and where they’re going to live. They’re all related. Without money, you can’t support your kids, nor can you live in a place safe and secure to raise a family. The issue here is that many women don’t even understand their spending habits. They spend money without any sort of budget in mind. Did you know that after divorce, the average woman’s income falls by more than a fifth?! That’s why it’s so important to consider the long-term. Ask yourself these questions – “What’s important to me?” “What keeps me up at night?” “What path can I take to ensure a financially stable and prosperous life for me and my children?”
I know that thinking about your financial life in the midst of a divorce is possibly the last thing you want to do. But, planning for the long-term will help you not drown in the midst of it all. Even if you have realized that you can’t afford the same lifestyle you once had when you were married, that’s okay. Start by cutting down on the less important things and just focus on what’s most important to you. See it as an opportunity to reprioritize your life!
Above all, it’s important to always remember that a man is not a financial plan. Divorce may interrupt your financial life, but it’s never too late to get back on track. Since women usually aren’t the ones in charge of financial matters in a marriage (and many times not involved at all), the new financial independence and responsibility may seem daunting. But don’t lose hope. You can recover from the financial consequences of divorce. That’s what we are here for!
Whether you’re contemplating divorce, in the midst of a divorce, or even newly divorced, we can help you regain financial confidence and live life to the fullest. Give us a call to schedule an appointment today.
Source:
Financial Analyst Journal, Unveiling the Unspoken Truth, January-March 2018
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