Category Archives: Relationships

How to Financially Survive Divorce

43131755 - divorce agreement. wife and husband can not make settlementMost people have been exposed to divorce either directly or indirectly and can attest to the impact it has on all involved. Some people avoid the couple and some get far too involved. One of the most damaging aspects of divorce is the financial damage that can be caused if you don’t address the money side as soon as possible.

A “friend of a friend” had been married for a number of years when they found out their spouse was cheating. Emotionally devastated, this friend didn’t know the steps to take to protect themselves. So while they sorted through how they felt and where they wanted to go, their spouse was spending all their money and amassing a large amount of debt. By the time next steps were decided, this friend was now financially responsible for half of the debt.

If this were you, would you know the steps to protect yourself from that level of financial destruction? Did you know if you are directly involved in a divorce, one of the people that can help is your Financial Advisor. At YourStyle Financial, we can help you organize your financial information which will allow you to effectively and efficiently work with your spouse and lawyers. This can also help reduce legal fees, which assists in financial recovery. We’ll start the conversation with a Checklist-divorce-2017 and go from there.

This is just an inch in the well of information and assistance we are able to offer. We’ll be writing again soon on dividing assets and dealing with debts. If you think we can help, be sure to contact us in the early stages of potential separation or divorce.

Women need to take an active role in financial planning

Women usually have a lot of priorities they need to deal with and unfortunately financial planning does not always appear at the top of the list. Finding the time to focus on finances is often a challenge in a woman’s busy life.  According to a recent Fidelity Investments survey, if women were given one additional hour to devote their time just on finances, they would work on their budget and learn more about investing.

LischeWhen it comes to money, women’s main concern is working on a budget to lower debt and save more money. The second concern is to develop better skills in investing, and third is to create a financial plan and investment strategy.
It’s imperative for women to take an active role in financial planning.  There is a very high probability of women being solely responsible for their finances at some point in their lifetime due to divorce or outliving a spouse. Nearly one-quarter of women say they don’t partake in financial decision making.

“Women can make changes to their finances such as lower debt, save money and become good investors.  Making changes to your financial plan doesn’t have to be as difficult as it is perceived to be,” says Doug Buss, President, YourStyle Financial.