Going through a divorce is not easy for anyone involved. There are different kinds of pain that come along with divorce, such as emotional pain and financial pain. The pressure of not knowing the future of your own life, as well as the lives of your children, can be straining and cause major anxiety.
From money.usnews.com: “When she came to Sonya Ranker, a certified divorce financial analyst and certified financial planner at Questmont Strategic Wealth Advisors, Cathy broke down crying in the middle of their meeting. Like so many women going through major life transitions, she struggled to come to grips with the new turn her life had taken.”
From money.usnews.com: There’s a common misconception that financial advisors spend all of their time studying investments. While investment planning is an integral part of the job, it’s often not the central part of an advisor’s daily duties. Sonya Ranker, a Certified Divorce Financial Analyst and Certified Financial Planner at Questmont Strategic Wealth Advisors, estimates 30
Why you should periodically review beneficiary designations. Your beneficiary choices may need to change with the times. When did you open your first IRA? When did you buy your life insurance policy? Are you still living in the same home and working at the same job as you did back then? Have your priorities changed
Contending with the possibility of widowhood… On average, women outlive their husbands. According to the Social Security Administration’s estimate, the average 65-year-old woman will outlive the average 65-year-old man by more than two years, dying at age 86½. Averages aside, it also estimates that about a quarter of today’s 65-year-olds will live into their nineties.
When your marital status changes, your goals and plans change too. It may be the first time in a long time when you get to plan around exactly what you want. When that happens, it is time to revisit your investment strategy. Are you on the right track or has the divorce derailed your plans?
If your divorce involved minor children, planning gets more difficult. You will obviously be concerned about their college goals and financial future as well as your own. Our professionals will advise you on the best ways to work with your assets and plan so no goal gets forgotten.
As your marital status changes, so does your tax status. Without proper planning, you could unknowingly end up paying more in taxes when you start filing single as opposed to married. Working with a team that can plan around this can save you in both money and headaches. This can be especially important if you
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