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Understanding Your Finances During Divorce

How can someone with no finances have a financial advisor? This is a question I used to ask myself. I had no finances to speak of at the time of my divorce.
finances in divorce

How can someone with no finances have a financial advisor? This is a question I used to ask myself. I had no finances to speak of, that is, I had no money. What on earth would someone with no money be doing talking to a financial advisor about said money that does not exist. Well that’s a great question. The first thing I want to mention, is that you can talk to a financial advisor for free, by having a consultation to understand your situation and what you can do moving forward. And if you do hire a financial advisor, the way that they are paid is from the investments made and not from your checking account. So that’s good news too.

But having a financial advisor isn’t just for people with money. No, it’s for people that want to manage their current financial situation to get to a point where they do have money. And it’s about preparing for the future. So you may need to pay off some credit card debt. You may want to take out a life insurance policy so your kids have some security if you’re gone. (I do recommend part of your divorce agreement include your ex having a policy in place so you have some support for your children if something happens to him/her).

If you’re like me, you don’t want to talk about money with family or friends. You don’t want people in your business. But please do talk to someone who’s in the business about your money. It’s really important to have your situation evaluated and get the ball rolling. You might not have much in terms of finances at the moment, but that can change over time with some guided steps. Remember, your current financial situation is just a snapshot of the moment. I’ve seen women who were left bankrupt after divorce come out on the other side kicking butt. Nothing is permanent. Your credit can change. Your bank account can change. So don’t fret my pet. Go get some advice. You’ve got this.

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