Can you control the ‘What-ifs’ in Divorce?

Suzie Orman once wrote that “A big part of financial freedom is having your heart and mind free from worry about the “what-ifs of life”. There is a myth that in divorce, having little control and being in a constant state of panic and fear is the way it has to be.

Regardless of family income level, men and women going through divorce are most often dealing with the biggest ‘what-ifs’ with respect to their financial future. We worry that there is no way that our family income pre-divorce can possibly support two households going forward. Become an empowered financial decision maker so that your heart and mind can begin to heal from the emotional toll of separation and divorce.

Three steps to help you feel more in control.

1. Educate, educate, educate! – Read books, attend seminars but most importantly seek out professional support to help you understand every aspect of the decisions that lie ahead. A Certified Divorce Financial Analyst (CDFA™), lawyer and/or mediator, therapist and financial planner are all important members of ‘the Divorce Team’.
2. Prepare a Budget! – It is almost impossible to make financial decisions in divorce without at least taking a first stab at preparing your budget. Even if you have never done so, it is imperative to look at what the expense side of life will look like post-divorce. You cannot make financial decisions in divorce with any degree of certainty unless you know what your cash-in/cash-out situation will look like.
3. Surround yourself with POSITIVE energy! – We all know how easy it is to be negative and how negative relationships can influence our well-being. In divorce, it is crucial to surround yourself with only positive friends, family and professionals.

Following these three easy steps will help you to feel in control of the decisions that lie ahead.

Financial knowledge key to good divorce decisions

Read this article in the Calgary Herald and learn how important it is to educate yourself on your finance during your divorce. Your decisions depend on your knowledge.

Include investments and insurance in your settlement negotiations

Benjamin Franklin once said that “an investment in knowledge pays the best interest”. As you know, our passion at Alberta Divorce Finances is the education and empowerment of men and women on the journey of separation and divorce.  This month’s Lunch and Learn topic is all about education in the area of investments and insurance during separation/divorce negotiations.

Decisions must be made with respect to investments, yet it is a subject that most people know very little about. Most investments have future financial and tax implications that you need to know about before you decide what to retain and what to give up. Also, the associated risk of your investment’s portfolio is something that you should research with a professional. Finally, what effect does this have on your ability to invest post-divorce?

Most people don’t consider the topic of insurance at all relevant to divorce. There is a great deal to learn about not only the value of your policies but the need for insurance to secure future support.

 Although investments and insurance have never earned the notoriety of topics such as the matrimonial home or spousal support, they are important critical decision points in negotiating a settlement.