Post-Divorce Financial Planning - Expert Help

Today’s Expert Divorce Help – Post-Divorce Financial planning

The issue of post-divorce financial planning can seem daunting and today’s Divorce Expert discusses top things to consider. Let’s dive in and see what we can learn from today’s expert, Katie O’Connell.

Divorce Squad asks our divorce help experts how the work they do can improve the divorce process and outcomes for you!

How does the work that you do impact the lives of women that are going through a divorce? 

Going through a divorce can present financial obstacles. My goal is to help women put together a financial game plan to navigate any of these challenges that may arise. Most importantly, my priority is to help them ease stress and build confidence in regards to their financial situation.

When does the work that you do take place? During the divorce process, after the divorce, or both? (Please explain in detail.)

The work that I do takes place before, during, and after the divorce. As I mentioned previously, my goal is to help women navigate any financial obstacles that arise during the divorce. However, it is important that they feel confident about their future financial picture after their divorce. This includes retirement planning, education planning, investment planning, protection planning, etc.

What 3 tactics can you suggest for them to move through their divorce with success?

1. Remember that the earlier you start, the more time is on your side and the better the chance you’ll reach your financial goals.
2. Next, don’t let any debt you have get you defeated. Mortgage and credit card debt may be intimidating, but you can mitigate that debt by being smart about paying it off in a timely manner.
3. Finally, know where you’re putting your money. Budgeting is the base of being successful with your finances!

What pitfall(s) have you witnessed that our readers should know to avoid?

I always talk to my clients about some road blocks that I’ve seen that have prevented people from getting ahead financially.

1. Cash Flow –  With money coming in and money going out, it is important to find any dollars that are falling through the cracks and get them redirected toward your financial goals.
2. Taxes – Most people do good tax preparation but not tax planning so it’s important to utilize any tax advantaged savings vehicles available to you.
3. Protection – It is important to think about how a premature death or disability would affect you in regards to reaching your financial goals. The flip side of that, is the concern that you outlive your assets. The goal is to make sure that you are outliving your assets and that they’re not outliving you so you can live comfortably in retirement.

How would collaborating with you during/after divorce minimize the stress of the process of post-divorce financial planning?

Working 40, 50, 60+ hours a week on top of your divorce can be very stressful. Having a financial game plan alleviates the stress of not knowing where your money is going or what works best for your situation. As a financial advisor, I am here to help!

Getting some expert input on your post-divorce financial planning goals and strategies can help you avoid pitfalls – both expected and unknown, set up protections for current and future scenarios and help you become a better financial strategist, giving you ease of mind and more options.