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  • Writer's picturePatricia Greco, CPA, CA

Financial Freedom after Divorce

If we have learned anything from a Covid19 crisis, hopefully we have learned that we can actually do without a lot of things we thought were necessary – the finest clothes, the latest hairstyles, weekly manicures and pedicures – feel free to comment to complete the list. Similar to a pandemic lockdown, divorce will affect your financial future. Your lifestyle will change. But that doesn’t mean you can’t experience financial freedom.

Having a financial plan can bring you comfort and peace of mind. Reviewing and updating it after major life events like a divorce or an economic threat can help you sleep better at night.

When going through a separation or divorce did you know that having a financial plan can help you assess settlement options? It can help you understand what your financial picture will look like given various settlement options for today and years to come. This understanding can help you make informed decisions for yourself and your children and help you arrive at a more timely settlement.

Attempting to battle it out with your former spouse as an attempt to protect your financial security is an illusion – it will not lead to financial freedom. Engaging in an ongoing battle with your former spouse about finances defeats the purpose because it will simply cost you more in the long run. Your post-divorce bank account as well as your children will feel the impact.

Stop and ask yourself what you need to experience financial freedom. Pause to determine why you are unable to arrive at a settlement. Without the emotional attachment, what do you need, and what is vitally important?

The sooner you arrive at a settlement, the sooner you can stop spending your money on a costly legal battle and the sooner you will have control over how your money will be spent.

The faster you arrive at a settlement, the faster you will achieve the first glimpse of financial freedom. A financial plan can give you peace of mind guiding you towards financial freedom. Contact me to have a conversation on how I may help you evaluate your settlement options.

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