How-to Work with a Financial Advisor During Divorce

Posted on by Robert J. Reeves

Divorce can be very difficult on your financial situation. If you relied on dual-incomes to make ends meet, or your partner was the only one who worked, this can be especially challenging. Divorce may force you to change your lifestyle and spending habits. If you find finances to be an unpleasant and overwhelming thing to think about, you are in luck. Financial advisors are professionals that specialize in helping people with their finances. Learn how to work with a financial advisor during divorce.

How-to Work with a Financial Advisor During Divorce: Manage Your Finances

Financial Goals

Financial planners and advisors can help you get on track and work towards the goals you want to achieve. Unfortunately, according to a study, only 5% of women work with a financial advisor during divorce. However, these professionals can be as asset as part of a divorce team. In fact, 61% of women who did not use a financial planner wish that they would have worked with one during their divorce.

If you have not already, it is good to sit down and figure out your financial goals. Thinking these through will help you be able to work towards reaching your goals. Some good financial goals include paying off your debt, having a comfortable retirement, and saving for an emergency fund. Others include being able to buy a new home, creating another income source, or building wealth through investments.

Benefits

One of the benefits of using a financial planner is that they can help you evaluate your lifestyle. They will help you take a hard look at your finances both before and after the divorce. This will be helpful for even looking at different things like covering expenses, buying insurance, creating a budget, and paying bills.

Another benefit of working with a financial advisor during divorce is that they can help you look at your assets. This will include hidden gems you may not have remembered, and which assets to fight for during your divorce. Consider things like jewelry, investments, college funds and retirement accounts. The financial advisor will be able to determine what is worth asking for and also set up a plan to help you achieve financial freedom.

Although this is an underutilized resource, working with a financial advisor during divorce is a smart move. They will help you to be able to start off on the right track during and after your divorce. You will be glad they were part of your divorce team.

How-to Find a Job After a Divorce: Hitting Your Stride

Posted on by Robert J. Reeves

Getting a divorce could mean having to reenter the job market. It is common that spouses that were “stay-at-home” parents before the split, but may need to find a job after the split. During the separation period, you will have to take a good hard look at your financial situation. Depending on your circumstances, you may determine that without income, you will not be able to afford the same time of lifestyle you have been accustomed to. Therefore, it is important to know how to find a job after a divorce. With a little time, effort, and patience, it is possible to reenter the workforce.

How-to Find a Job After a Divorce: Reentering the Workforce

Pick a Path

First, to find a job after a divorce, you will have to determine which career path you want to pursue. Keep in mind that just because you went to school for something, or worked in that industry before, does not mean you have to return to that field. It is a good idea to do some research about different career options. Ask your friends about their careers, and if they enjoy them. You could get inspiration from them! Doing online searches is a good option as well.

This is a great opportunity to do some soul-searching and determine what you want to do with your life. Start by thinking about what you love doing and what you are passionate about. Even if you can not turn your exact passion into a career, try and evaluate what it is about that hobby and see if you can apply that into another career path. Perhaps you enjoy playing team sports. Do you enjoy the socialization part of it? Or perhaps the competitive or strategic part of it? These different aspects can translate into different types of careers you could consider.

Set Yourself Up For Success

When trying to find a job after a divorce, you will want to take the steps to set yourself up for success. You will want to make sure to create an updated resume and cover letter so that you are prepared to apply for jobs. Have a friend you trust, or a career coach, to read it and give you feedback. Don’t forget to let your friends know that you are on the job hunt. They may know of positions or have connections that may be able to help you out.

If you don’t already have one, create a profile on LinkedIn. This will help potential employers find you, and help you to connect with others in your desired field. Having an update LinkedIn profile is an important step in the job hunting process. Many employers will even have a spot on their job applications for you to share your LinkedIn account name.

Apply

Applying for jobs can be frustrating and draining. You may hear a lot of “no’s”, or even get ignored, before getting a “yes”. Do not get discouraged. If you are not getting any luck, consider getting a career coach, or speaking with a recruiter. These can be helpful resources when trying to find a job after a divorce.

Education

If you absolutely can not find a job that you like and can support you without going back to school, you can pursue further education. There are plenty of programs out there that are geared towards adult students. Most of these even provide schedules that work around work schedules. This could allow you to find an interim job to be able to make money, plus still be able to take classes. Keep in mind that just because you go back to school for something doesn’t mean you will automatically land your dream job in that field. It could still take time, effort and patience to get to where you want to be. You may have to work some entry-level jobs initially, but you can still get to the career that you want with a little work.

Pets in a Divorce: Who Gets Them?

Posted on by Robert J. Reeves

Since pets are like children, how do you determine who gets the pets in divorce? This is something that pet owners struggle with during a divorce. This is especially true if both spouses are very fond of the pets. This can be a tricky decision since emotions will be involved.

Pets in Divorce: How to Decide

Housing

Divorce typically leads to one or both spouses buying a new house or moving. One way to help you decide who gets the pets in divorce is to consider your housing situation. For example, if one person will have a small apartment, they may not have as much room for a pet. On the other hand, if one spouse will be living in a larger house with a big yard and fence, that may be a better situation for a dog.

Some apartments or rental situations do not allow for certain types of animals to live there. Make sure that you check those rules before making the decision on who gets to take the animals.

Moving Abroad

If one spouse is moving abroad, this could have an impact on who gets the pets in divorce. There are many rules and regulations about bringing pets into other countries. A pet may have to go through a lengthy quarantine or vaccination process in order to move abroad.

Caretaker

Take a good long look at who has been the pet’s primary caretaker over the years. This may have been a shared effort. However, there may have been one spouse who always took the pet to the vet or bought pet food. In the same way, there may have been someone who did more of walking the dog or scooping the kitty litter. Perhaps there is someone who the pet seems to bond better with or has spent more time with the animal. If so, this could be a deciding factor of who gets the pets in divorce.

Pet’s Best Interest

While deciding who gets the pets in divorce, try and have an objective look at what would be best for your pet. Try and keep your feelings out of it. Which living situation would be more comfortable for your pet? Or which spouse would take better care of the pet?

Emotional Consequences

If you end up being the one who ends up getting the pets in divorce, don’t rub it in. Be mindful and respectful of the other spouse’s feelings. On the other hand, the spouse who does not get the pet may feel heartbroken at the loss. There will likely be a grief process. Talk to a therapist or a friend if needed. Keep yourself busy.

Another option is to eventually consider adopting another animal. However, it may be best to take some time to process your emotions first. Don’t just jump into something. A good interim step would be to volunteer at a pet shelter or foster a pet.

Credit Cards During Divorce: Their Impact

Posted on by Robert J. Reeves

With how expensive divorce is, you don’t want to add more costs than you need to. That means you should be careful with your credit cards during divorce. While they can be useful, you also need to make sure they don’t hurt your finances in the process…

Credit Cards During Divorce

Watch your accounts

Before using any credit cards during divorce, you should first make sure the accounts are secure. Many couples like to open up joint accounts, or joint cards. While that might’ve been fine before, it could now be an issue. After all, you don’t want to be accountable for debt that isn’t yours.

If you have a joint account, then you can try to see if you can make it into a sole account. Still, it may just be safer to have the account closed, and then open up a new one. You don’t want a vindictive ex trying to access a joint account and try to hurt you financially.

Use them sparingly

Another good idea is the use credit cards during divorce in a sparring manner. It can be tempting to use them due to the more-flexible payment schedule. However, you might be setting yourself for a big debt issue. Instead, try to limit when you use them.

A good idea is to use them for things you’d have to buy anyways. For example, that may include things like gas or groceries. That way, not only do you keep your payments low, but you can also work on boosting your credit score at the same time.

Make payments on time

Be sure you make your payments on time when using credit cards during divorce. Late payments will mean late fees, and an increase on your interest rate. Eventually, if you fall behind on a lot of payments, your credit score is going to take a serious hit.

It might be helpful to set up automated payments for your credit card bills. Many banks will let you set it up so your payments can be made every month on time. That way, you’ll have one less thing to worry about.

Post-Divorce Financials: Making Progress

Posted on by Robert J. Reeves

Divorce doesn’t just take a toll on your emotions. It can also be pretty draining financially as well. Often times, it’s hard for people to adjust to their post-divorce financials. However, it is possible to begin thriving again after your divorce…

Post-Divorce Financials: Survive and Thrive

Make a budget

Budgeting is an important part of your post-divorce financials. After all, you might find yourself with lesser cash flow after your divorce. Going from a dual-income to a single income household will mean you’ll have to make some changes.

It helps to create a spreadsheet and measure out your expenses versus your income. Then you can see what you can cut back on if you need to save some money. Sticking to a budget will help you avoid spending money on things you don’t really need in the long run.

Adjust your routine

Making slight changes to your routine can actually have a large impact on your post-divorce financials. You might be used to a certain way of doing things before your divorce. However, it might be wise to make some changes afterwards to save you some money.

For example, lets say you usually get a coffee in the morning from a coffee shop that costs $4. Making your own coffee at home instead could send up saving you about $30 a week, and up to $125 a month! Having that extra bit of money saved can really help you get your finances together after a divorce. Try to find the things in your routine that you can temporarily go without to save that extra bit of money.

Invest in your future

A person’s earnings can take quite a hit after a divorce. For example, women can have their earnings lowered by up to 37%! That’s why it’s important for your post-divorce financials that you plan ahead for your future.
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You might want to think about ways you can expand or increase your career opportunities. This could mean getting new certifications or taking some higher education. Many community colleges offer more affordable options than their university counterparts.

Getting a better grasp over your post-divorce financials can actually be quite empowering. You can take direct action in reestablishing your post-divorce life one day at a time with a good budget and a good plan for the future.

Extra Income: Single Parent Pluses

Posted on by Robert J. Reeves

After a divorce, newly-single parents may seem to be facing financial hardships they are not used to facing. Because of the difference in income (a dual income home becoming a single income home), it is understandable why parents would need an extra income. Here are some ways you can generate an extra income as a single parent.

Extra Income: Ideas for Single Parents

Writing

Writing is a great idea for an extra income. Because content writing is growing in popularity for a multitude of websites, writing on the side can become a lucrative and easy addition to your income. You can do it on your own time and write as little or as much as you want.

Pet Sitting

There is an art to pet sitting that not everyone has, but it certainly is an extra income that is easy to make. You can start by making small flyers for your neighborhood or simply by word of mouth. Pet sitting can vary from daily walks to over-night, long term stays. You decide what you are comfortable doing and what works best with your schedule. Additionally, the therapy from hanging out with a dog for a little while will boost your mood!

Online Selling

With the growing popularity of online marketplaces, it is easier than ever to sell unused or unwanted items online. You can declutter and earn some cash at the same time! This extra income will require a small amount of time and planning: you’ll have to coordinate with others to meet up.

Tax Preparation

While it is past tax season for this year, you can get your license and prepare for next year’s season. Tax season is busy since literally everyone has to file by a certain date. This form of extra income is seasonal, but worth it if you don’t mind the extra hours.

Part Time Jobs

​While it may seem like a commitment, a part time job will be an extra income that could also bring other benefits. Some stores give a discount for employees that could also help your family. If you get a 10% discount on food and other necessities, you’re not only earning an extra few dollars, but saving them, too!

Financial Mistakes

Posted on by Robert J. Reeves

When you get a divorce, a lot of things become new. You’re learning how to cook for one less person and you’re tackling weekend projects solo. It’s usually not a problem adapting to things post-divorce, but is everything that easy? Financial mistakes happen often after divorce. Because of the new situation, many are not prepared. Below, we’ll discuss the most common financial mistakes those new to divorce make.

Financial Mistakes During Divorce

Equal Division of Property

Sometimes it is not as easy as simply cutting it down the middle. When dividing up assets, make sure you keep in mind the residual values and not just current market values. Common financial mistakes often include divisions of property because of their complexity.

For example, you and your ex spouse may own two properties that have a $200,000 value. One is the family home and the other is a rental property. Each spouse getting one of those homes would not be equal because the rental property will continue to generate income. Remember these aspects when dividing property and other money-generating assets.

Expenses

Expenses can hit a newly single person like a ton of bricks. Don’t let your expenses be one of your post-divorce financial mistakes! Take the time to understand how much you make each month, after taxes. After figuring this out, create a budget and stick to it. After you’ve adjusted to a single income, start planning for the future. Remember that most expenses grow, not lessen, as time goes on.

Child Support Reliance

Relying on child support means relying on your former spouse to make money. If you have concerns about their finances, make sure you avoid the financial mistakes associated with child support. Take the necessary actions to secure this piece of income. 

​Additionally, the court will allow you to request disability or life insurance for your ex. Doing so will insure that you are financially secure should a catastrophe happen. Keep in mind that people can cancel a policy at any time. If you are worried about this happening, you can request a court order for your ex-spouse to make the appropriate payments.

Post-Divorce Budget: Managing Your Money

Posted on by Robert J. Reeves

Getting your new life after your divorce going is easier said than done. In fact, there’s a few things you’ll need to do beforehand. Most notably, this includes setting up a post-divorce budget. Having a good budget can really help you avoid financial stress and begin your new life on the right foot…

Post-Divorce Budget: How To Adapt

Revisit your old one

The building blocks of your post-divorce budget can really come from the old one you had. Now, you’ll certainly have to make some adjustments. After all, you’re probably going from having two sources of income, to only yours. However, there might also be some expenses which you don’t have to worry about, or maybe even some new ones to consider.

Plus, there’s a pretty easy way of visualizing this starter budget. Draw a line down the middle of a piece of paper, and have one side be for your income, and another for expenses. Fill each side out, and then add the totals up at the bottom. This quick draft budget can help you see if your finances are in good shape, or if you need to make some changes.

Focus on the necessities

If you find that your post-divorce budget isn’t looking so good, then it’s time to make some cutbacks. That means that you’ll have to focus on the necessities over the more optional things. Basically, you’ll want to prioritize your needs (clothing, food, shelter, and transport) over your wants.

Still, even for your needs, you don’t have to go crazy. For instance, you might need clothes, but that isn’t an excuse to go on a big upscale shopping spree. Buy the things you can comfortably afford, and cut out those other things which are just draining money. This can help you balance out your budget.

Avoid big purchases

A big purchase can really mess with your post-divorce budget. For example, you might be tempted to move to a new house or get a new car as a sort-of kick starter for your new life. However, these kinds of purchases can really hurt your wallet, and leave you stuck in a worse situation in the long run.