Your life may look different after divorce, and your finances may as well. You may have had certain financial goals in place throughout much of your life, but the path to achieving these goals may now look markedly different. You may find, however, that you have a better chance at reaching those financial goals if you take a step many divorced women regret not taking and hire a financial advisor to help.
Per Forbes, only about 5% of women who have clear financial goals they wish to achieve hire financial advisors to help them do so amid divorce. More than 60% of now-divorced women, however, say they wish they had added a financial advisor to their divorce team, believing that doing so would have greatly benefitted their cases. How?
By helping them achieve set goals
Many women in your circumstances share similar financial objectives. The majority, or about 66%, acknowledge that eliminating debts is of the utmost importance.
More than 40% of divorced women with financial goals wish to set aside enough money to retire comfortably, while about 27% prioritize putting money aside for a new home. Almost 20% of divorcing women, meanwhile, wish to generate more wealth through investments. A financial advisor may be able to help you take steps in your divorce to help you achieve these and other goals.
By helping them identify assets
When you and your ex begin dividing the value of your shared assets, you may find yourself focusing on big-ticket items, such as vehicles or your shared home. A financial advisor may help you expand your focus to other valuables you may not have considered, such as family heirlooms, college savings accounts and the like.
Statistically, women now live longer than men, so it is more critical than ever that you position yourself for financial success after divorce. A financial advisor may be just the person to help you do so.