Divorce introduces a lot of change into a person's life, including a significant impact on both immediate and future financial plans. One of the areas typically affected is retirement planning.
The above video features a detailed conversation with financial planner and retirement expert Josephti Cruz of The Wealth Garden Financial Services and divorce prep coach Alex Beattie (AKA The Divorce Planner).
Josephti shared important information to prepare individuals going through a separation or divorce so they safeguard their retirement plans and build them after divorce. The conversation is filled with divorce prep and financial planning tips that you can utilize on your own, and covers a wide variety of subjects including:
Prioritize Your Financial Future During Divorce
The financial implications of a divorce extend far beyond the immediate separation of assets. More often than not, they have profound, lasting impacts on your personal financial future, including your retirement plans. As emphasized in the video, being able to flexibly navigate your retirement realities early in the divorce process can be a game-changer.
So, whether you're newly separated or already in the throes of a divorce, a clear understanding of your financial realities forms the foundation for any plans and negotiations related to your finances.
Organize Essential Documents
One crucial step towards having a comprehensive grasp of your financial situation is organizing all essential financial documents and statements. These may include bank statements, retirement account summaries, tax returns, and any debts or mortgages. Having such documents at hand can significantly ease the process of negotiation during a divorce, ensuring that nothing significant is overlooked.
PRO TIP: The Divorce Planner's Ultimate Separation And Divorce Planning Course combines all of the digital prep tools offered on the website as well as coaching videos by divorce prep coach Alex Beattie. Alex is offering a FREE 10-minute call to anyone curious about our Ultimate Separation and Divorce Planning Course. Yes, that's right — a no-strings-attached, informative free call!
Set Clear Goals
During a divorce, having a clear vision of your goals, especially those related to finances and retirement, can help facilitate a smoother negotiation process. After all, you must understand what you aspire to achieve in order to define a negotiation strategy. According to the video shared, focusing on your goals puts you in the best position to negotiate with intention.
As anyone who's been through it will confirm, divorce is challenging, emotionally, and often financially. Leveraging the expertise of financial advisors and divorce planning experts like divorce prep coach Alex Beattie can provide valuable insights and support during this challening time. They can act as dependable guides, helping you understand your financial realities, establish realistic goals, and design a strategy that suits your situation.
The combination of a potential asset split and a dramatic change in lifestyle can cause even carefully laid retirement plans to change dramatically. Josephti underscores the need to approach the situation proactively, with due attention to all facets of financial planning. This way, you can face the future with clarity and confidence, prepared for what's next, even in the wake of separation or divorce.
With the goal of helping everyone set themselves up for success after a split, The Divorce Planner's Alex Beattie and Josephti Cruz annouced that they will be hosting a virtual workshop in February of 2024! The interactive program will cover how to prepare for divorce, financial planning tips, and essentials of retirement, providing you with important information that will empower you before, during, and after divorce.
Embedded Video Link: Divorce & Retirement: What You Need to Know Before You Negotiate By: The Divorce Planner featuring Josephti Cruz