Planning for the Recently Divorced
Being “suddenly single” can be an emotional and financial roller coaster. It can happen at any age and means that you are in charge of your personal finances. So, it’s important to find the right people and resources to help make decisions on financial issues you might not be familiar with. When you have control over your finances, other decisions are easier and the transition to a new life is less stressful.
Create a PlanFor better or worse, we all have a “paper” trail. Following that trail makes creating a plan easier:
If You’re a Single Parent – Protect Yourself and the KidsBe sure you have enough life and disability insurance to protect the children in case something happens to you. As a part of your new estate plan, detail your wishes for the care of your children if you’re not around or are no longer able to care for them.
Maximize Your Employee BenefitsBe sure to explore all of the benefits your employer offers – and use the ones that make the most sense for you and those in your household. Employer-sponsored group health insurance, group term life insurance, and qualified retirement plans are valuable employee benefits.
Reassess Your Long-Term GoalsTake the time to reassess your long-term goals, such as planning for retirement or funding college for the children. Is more education needed to reach your personal and professional goals?
And Get the Professional Help You NeedTalk to friends and family for referrals to people they work with and trust. Make a list of your most important concerns and find experienced professionals in those areas.