So, you’re going through a divorce.
Bill Farrance of Blue Ridge Financial Services
What are some financial steps you should be taking? From my almost 25 years of meeting with clients, I’ve developed this checklist:
Gather All Financial Statements: Bank statements, wills, mortgage statements, car loans, life insurance, etc. Make sure all accounts are changed over to individually owned. This can be a little tricky with loans and home ownership.
Change Beneficiaries on Accounts: While it may not seem super important right away, we all tend to forget down the road when life happens. I have seen more than once where an ex-spouse inherits an account that they were not meant to have.
Write up a New Will: If you had a will prior, likely it was written with your soon-to-be ex-spouse. What’s changed? What happens with your kids, your money, your house? Having a good attorney makes this a relatively painless task. I know it’s not a fun task, but much of the adulting we do can be challenging!
Create a Budget: We all need an organized budget. Consider things like child support, maintenance, personal income, or any other income source. Put bills on a calendar or spreadsheet so they don’t get missed. Your credit score is an important tool for your future. Day to day money can be tough, stressful. Make sure you are doing all you can to make it as easy as possible.
Review Your Long-Term Financial Goals: How do the retirement assets get split? Are your current assets in the right place for your plans? Are you on pace to meet retirement goals? Meet with a financial advisor, someone you trust with your best interests at heart, and review your plan. I bet there are adjustments that need to be made.
Blue Ridge Financial Services can help you plan your new financial future in this next stage of your life.
Bill Farrance | Phone: 315.446.5873 | Email: Bill@TheBlueRidgeFinancial.com | Online: www.theridgefinancial.com
Securies offer through Hazard & Siegel Inc. Investment Advisory Services offered through Hazard & Siegel Advisory Services LLC. Member FINRA/SIPC. Blue Ridge Financial Services and Hazard & Siegel Inc./Hazard & Siegel Advisory Services LLC. are separate unaffiliated entities.