5 Things Every Woman Should Know About….Divorce

Good evening Women Supporting Women,

Happy Monday to you all!  I hope you had a great weekend!  I spent my weekend giving back to the community by co-hosting an empowerment brunch for women who currently reside in shelters.  The purpose of the brunch is to make a difference in their lives through hearing uplifting stories from former residents, as well as individuals who are survivors of domestic violence, attempted suicide, cancer and many other adversities.  Through encouragement, we hope to motivate these ladies to never give up.  In addition to this amazing event, I spent the weekend with Marsha Sr.  It’s always a great time when my mother comes to visit.  I cherish these moments dearly.

Last week, we had the opportunity to discuss 5 Things Every Woman Should Know About…. The Financial Challenges of Being A Widow.  This week we will focus on 5 Things Women Need To Know After a Divorce.  While some ladies are celebrating their divorce with divorce parties, others are not as happy.  When you have been with someone for a decent length of time, it is hard to pick up where you left off when your life suddenly changes.  You start to think “what did I do?”  “How could I have made this work?”  While you find yourself losing yourself, your former mate has moved on with their life!  You have to remember that there is life AFTER divorce and you must start to put yours back in order.

1. Focus on one thing at a time. There are a number of financial matters to take care of after a divorce, including: changing your beneficiary information on any life insurance products, revising your estate planning documents, and titling your accounts. If it feels overwhelming, start by focusing on one change that has to be made, then tackle your list one item at a time.

2. Don’t rely on alimony. Alimony payments may not be a continuous source of future income for a number of reasons, including legal ones. With this in mind, evaluate your income needs in the future and factor in the duration of alimony payments, if applicable. Be sure to discuss this with your legal advisor.

3. Educate yourself on your finances and reevaluate your strategy. After a divorce, it’s crucial that you educate yourself on managing your household budget. Consider working with a financial professional to help you get a handle on your expenses, and reevaluate your financial needs for the future.

4. Consider your future care. Going through life may require a little help along the way as we age. Planning for that help can provide you with added peace of mind, especially since women are more likely to need care and for longer periods of time. There are several financial solutions that can help protect your family and preserve the assets you’ve worked so hard to build.

5. Take care of yourself. This can be a stressful stage in your life. Make time to take care of yourself and plan your future goals. This can include reconnecting with friends and family, joining a hiking group, tackling a challenging project at work, taking a class at a local college – whatever helps you recharge and feel energized.

If you have any additional questions or comments, please feel free to post here or email me at: thefinancialcomforter@gmail.com

Next Up: 5 Things Women Should Know About Getting Remarried

As always, thank you for reading!

Have a beautiful and blessed week!

Marsha

Changing the lives in our community….one family at a time

 

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