How women going through divorce can take charge of their financial future
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Separation and divorce are never easy. In addition to experiencing tremendous personal emotional toll, women have concerns about their new future, struggle to cope with not being able to see their children every day, and worry about not being able to keep living in their family home.
It is crucial for women at any stage of divorce or separation to find a caring professional to look at their financial situation and answer the most fundamental question of all: “Am I going to be OK?”
You have so many decisions to make, starting with enlisting a trustworthy family lawyer. Then, be ready to put in a lot of work to organize all your financial information and notify the institutions you deal with about your new status.
It is generally advisable to continue living in your family home during this time. If there are children, think about the ideal co-parenting plan.
Gather information and make as complete a list as possible of all your own and your family’s assets and liabilities. Family assets accumulated during marriage will usually be divided between you and your spouse.
Update your will accordingly and as quickly as possible. It is important to remember that the dissolution of marriage does not invalidate your will. A qualified estate lawyer will be able to assist with this.
Establish credit in your own name, if you have not already, such as applying for a small loan or a credit card.
Work with a qualified investment adviser who incorporates financial planning into their practice, takes time to ask questions and listens to your concerns. A great adviser will help you set goals and milestones for your financial future.
We find that women going through divorce tend to gravitate to female advisers. Have a conversation with the adviser beforehand and ask about their experience with women in your situation. Personal rapport, trust and similar life values are also important.
Stay strong through the process and get through to the other side. You will be OK.
Sofia Goryn is an investment adviser with RBC Dominion Securities, RBC Wealth Management.
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