“I’m a woman going through a divorce, what steps would you recommend I take to help me take control of my finances?”
- Be good to yourself: It’s my feeling that your health and exercise plays a part in your overall self confidence. When you look better you will feel better.
- Get organized: Know where your assets are and who you owe. Organize important papers, like deeds, wills and trusts and insurance policies in a central location.
- Save more than you spend: 90% of women say retirement is their number one priority; however, less than 50% are saving for retirement.
- Have a rainy day fund for emergencies: In uncertain times of death, divorce or illness ample cash on hand can help increase your comfort level.
- Be cautious in new relationship: Guard your finances against men that seem too good to be true. Your money needs to take care of you.
- Protect yourself against identity theft: Women are 26% more likely to be targets of identity theft than men. Also, women take 83 days on average to detect that their identity has been stolen compared to 45 days for men.
- Create a team of qualified professionals: A CPA, estate planning attorney and financial advisor can be a valuable resource to help navigate through traumatic times.
These 7 potential steps can help alleviate some of the fears for women during stress associated with divorce.
Rock A. Tate is a Certified Financial Planner at MorganStanleySmithBarney. If you or anyone you know is facing a life changing event with your estate or retirement, Rock A. Tate is willing to do his best to meet your highest expectations. He can be reached at (561)650-7538 or (800)-237-6322.