Planning after a Divorce

For anyone divorce means a host of changes in life – and usually not anticipated, or planned-for changes. As you begin to emerge from the emotional and financial difficulties of divorce, there are several steps you can take to regain control, and renew your efforts to build your financial future.

Recreate your financial plan. You and your spouse may have done some financial planning, but clearly your situation, your goals and your plans have changed. Sit down with your advisor to assess your current financial picture, your income sources, and your savings goals. This is also a good time to reevaluate your risk tolerance. Maybe you always felt your ex-spouse was too conservative or too aggressive – now you have control and you should be comfortable with the types of investments in your account. Your Ziegler financial advisor will listen to you, and create an updated financial plan – tailored just for you that address all of these issues.

Understand your expenses. Even if you were the one who always paid the household bills, maybe your spouse always handled the bill when you went out for dinner, or was the one who always bought the groceries. Make sure you have a realistic understanding of all of your expenses, in conjunction with your sources of income.

Check your credit rating. On a periodic basis, check your credit rating. There are several online services that make it easy, but you’ll want to keep tabs and make sure that your credit remains clean.

Close all joint accounts. In addition, take a look at any loans you may have. For example you may want to refinance a car loan into your individual name.

Review your beneficiaries. Check your life insurance, 401(k) or other employer-sponsored plan, IRAs, Transfer on Death (TOD) accounts, annuities, Health Savings Accounts (HSA), and of course, your will, to make sure all beneficiary information is up to date.

Continue to invest in your future. Create a savings plan to help rebuild the expenses that you incurred during your divorce, and to make sure that you are laying the foundation for a bright financial future.

Your trusted Ziegler financial advisor is available to listen, plan and help you build, or re-build your financial future.

Our planning services are not financial planning (unless they are specifically called investment consulting services). They do not create an investment advisory or a fiduciary relationship (including under ERISA) between you and B.C. Ziegler and Company. B.C. Ziegler and Company will prepare a financial plan at your specific request through NaviPlan.

Investment consulting services are offered at B.C. Ziegler and Company only through investment advisory programs and are not available through traditional brokerage accounts and products. Please speak with a Ziegler Wealth Management financial advisor to further discuss the differences between brokerage and advisory products offered by B.C. Ziegler and Company.