When life brings you unforeseen challenges such as dissolution or divorce, making even simple decisions can seem overwhelming. Regardless of your role in the family finances before the separation it is crucial now, more than ever, that decisions be thoughtfully made.
Having the right team of experts support you is vitally important. Below are some suggestions.
Take the first steps
1 Ask for help from friends and outsource tasks that don’t feel manageable right now.
2 Make sure to change passwords on all electronic devices.
3 Gather important documents and consider scanning them onto a hard drive.
Build the right team of experts
1 Consult with a collaborative attorney. (you will find them on this site) www.winwindivorce.org
2 Meet with an estate planning attorney to update your will, medical directive, power of attorney, beneficiary’s on IRAs and life insurance.
3 Work with a financial advisor who has the CDFA® certification. Certified Divorce Financial Analyst. This individual is specifically trained in all matter relating to divorce and the financial implications of decisions made during the process. They will know what documents need updated and how to plan for your income needs going forward.
Make Key Choices
1 Career- if you were a stay-at-home mom (or dad) will you now need to find a job and can you balance the kids and work.
2 If you were the spouse to keeping the house, make a budget of everything needed to keep it up. Don’t forget small things like trash collection. Lawn services, gutter cleaning.
3 Scheduling some time just for yourself. This is a big one with the changes you are facing. Consider finding a therapist to talk with. You will find several on this site as well.
Best of luck. With various professionals you will find on this site a very difficult decision will be made more tolerable.
This article was submitted by Donald Morris, CDFA® and financial advisor. Donald is currently serving as president of winwindivorce.org. If you would like a more complete list of financial paperwork to gather you can reach Donald at 614-339-1000 or email at firstname.lastname@example.org