Making Better Financial Decisions

Wealth Management Tips For Recently Divorced Individuals

by Glen Hawkins

When you get divorced, a lot of things in your life change. While dealing with change is not easy, one thing that must be taken care of in a time like this is your finances. In fact, when you go through a big chance like this or a significant tragedy in your life, you need to sit down and take a close look at your finances and assets to see how they line up. To ensure that your assets are not mismanaged during a time like this, keep reading to learn a few wealth management tips that may help you get yourself through such a difficult time.

Do Not Make Decisions on a Whim

Though it is entirely possible that you make feel a bit pressured to move or sell a piece of property, it is important that you avoid making any drastic decisions on a whim. You need to provide yourself plenty of time to figure everything out. You also need to refrain from spending money on an impulse. Prior to making any big purchases or doing anything related to your money, it is important to sit down and thoroughly assess your finances.

Assess Your Financial Situation

As stated, you need to assess your finances. This is a very important step. When you have lost your spouse, either through a divorce or even death, you will need to decide whether you should withdraw from or make new investments. A risk assessment should be conducted with a professional, which will allow you to make the wisest financial decisions moving forward and gain a much better understanding of your current portfolio while identifying any risks that exist.

Determine Expenses and Create a Budget

Regardless of whether you are talking about a few thousand or tens of thousands of dollars, you need to determine how much money you have going out each month. Once you have determined your monthly expenditures, you can create a strategic spending plan. By developing a monthly budget, you will be able to start developing and maintaining a solid savings balance and making wise investment decisions as you move forward with your life.

Schedule Meetings with a Wealth Management Advisor

Going forward, you will want to ensure that you stay on track with your finances. In order to do this, you should work side-by-side with a wealth management professional. So, make sure to schedule meetings, probably quarterly, with an advisor that you feel comfortable with and trust.