Pros·per (verb) succeed in material terms; be financially successful. “his business prospered” flourish physically; grow strong and healthy. We don’t think about it, but TO PROSPER should definitely be at the top of the priority list. Isn’t it why we got into business in the first place? When the small business owner is first starting out […]
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Can this Retirement be Saved?
CAN THIS RETIREMENT BE SAVED?
After your DIVORCE, with too little saved? I don’t know about you, but I know about me – after I went through my divorce I was back to ground zero. Everything that we had accumulated during our marriage suddenly disappeared. Since my ex had quit his job we only had my income and it didn’t even cover our living expenses. We went through so many financial situations as a result:
Bankruptcy
Short-sale of our house
Lack of Income due to my ex’s unemployment
Because of all these problems, we went through our entire retirement portfolio along with my inheritance from my mom. It sure wasn’t very much fun.
I’m receiving spousal support now, but only for another 8 years and then all I will have – unless I do something now – will be my Social Security! And that won’t even cover my rent & utilities.
I’m not alone. So many of us are experiencing the same scenarios. Just like Debbie Smith, 61, in this recent article in the AARP Bulletin. She also experienced a divorce which put her in a precarious position. She was unprepared “for the next year, let alone retirement.”
She says, “A divorce is devastating to your finances, especially when you divorce later in life.” “You have less time to recoup that loss.”
Some of the suggestions that are made in the article are:
- Plan to work as long as you can
- Lower your spending, get used to a more modest lifestyle
- Save as much as possible and plug anything you can into your retirement
- Delay taking Social Security as long as possible
You can read more about Debbie Smith and 4 others in the AARP article below.
Source: Retirement Issues and Solutions – Social Security, 401k, Divorce – AARP
How to Manage Money: Personal Finance Guide For Widows
How to Manage Money: Personal Finance Guide For Widows
This gives some basic understanding on the first steps after you’ve “lost” your spouse. Even though it is a guide for Widows, it would also apply to women going through divorce.
Managing your money after the loss of your husband can be very daunting.
This article at Bankrate.com helps to give you an idea of what to do next.
The grief of losing a spouse often has to be set aside to deal with practical matters: the new reality of handling finances as an individual rather than as a couple.It is not an easy journey. But it can be managed by getting organized, delaying big money decisions and putting off well-meaning friends and relatives who want to “help.”After the household bills are paid and you have a handle on how much money is coming in each month, take your time wading through other financial matters. Read on to learn what the experts advise on how to manage money as you enter this new stage of life.
Source: How to Manage Money: Personal Finance Guide For Widows | Bankrate.com
Today Is the 95th Anniversary of the 19th Amendment’s Ratification
We have gained a lot of equality with the 19th Amendment, but it would seem that we still have a long way to go.
When you are going through a Divorce there isn’t always the same “equality” that we as women know we deserve.
It took decades of tireless effort and hell-raising. The Seneca Falls Convention happened in 1848. The women who pushed and prodded and protested and paraded in the intervening years faced fierce opposition. You can see some of the mocking, unfathomably stupid postcards produced in response to their demands at Collector’s Weekly. This piece from the Library of Congress relates the scene at the 1913 Women’s Suffrage Parade in D.C., which drew marchers from all over the country. It sounds terrifying, frankly:
Source: Today Is the 95th Anniversary of the 19th Amendment’s Ratification
There are so many things to think about when you are going through or preparing for Divorce. We want to believe that it will work out easily, but that is not always the case.
Be sure that you have someone working on your behalf – a reputable attorney who knows what she is doing…..
Division of property, also known as equitable distribution, is a judicial division of property rights and obligations between spouses during divorce. It may be done by agreement, through a property settlement, or by judicial decree.
When I went through my own divorce in 2013, I was so glad that my attorney was as knowledgeable as she was. One of my concerns was exactly that – how to “fairly” and “equitably” divide things up. We had been married almost 33 years, so I knew that I should receive spousal support. But of course the EX didn’t want to share his income and wanted to fight me tooth and nail. One detail that my attorney shared with me was that he could fight and take me to court – or he could work with me on a settlement. She told me that once I had served my EX with the divorce papers, she would file a stipulation as per the law, (Sargent v. Sargent), which would require HIM to be responsible to pay ALL attorney fees!! And she said that she was being “conservative,” and if we were to continue battling in court it would be a minimum of $25,000. EACH in attorney’s fees, that the EX would have to pay.
It definitely made me feel better to know that I had options — I started to feel more positive — that I would get through this entire process.
Having gone through this and come out on the other side a much stronger and confident woman has shown me that I can do it! And you can too. If you have more questions about preparing for and going through your own divorce, perhaps we can help.
Take a look at our website for more information and resources —
WOMEN’S FINANCIAL EMPOWERMENT
Gaining Financial Independence After Your Divorce — Set GOALS
Getting Divorced? It all seems like it’s falling apart. You’ve probably been married quite a while and thought that it would last forever. You may feel like you are on an emotional roller coaster – up and down, not sure where to start or what to do. It will be hard, but don’t let your heavy heart prevent you from knowing and believing that you can stand on your own; financially, emotionally and HAPPILY!!
Working towards personal financial goals will help to increase your sense of INDEPENDENCE. It will distract you from dwelling on the heartbreak of your divorce by focusing on your own self-improvement. Just know that you are experiencing a new found INDEPENDENCE!
And it’s good for your brain because the sense of accomplishment that accompanies meeting a goal can create positive chemical reactions in your brain which, in turn, can improve your mood. You can become stable and secure with your personal finances during and after your divorce.
Here’s how:
Feel comfortable again * It’s time to set some GOALS
- Decide on a long-term goal – Make it Specific
Focus on the first goal. After you have accomplished the first step, think about the next one and continue from there.
- Each step to the goal must be manageable
Keep each one simple – don’t be too ambitious. Set yourself up to succeed by starting out slow. Start with the intention to increase as you go forward. You need to remember to be FLEXIBLE and FORGIVING. There may be some times that you veer off from your plan, but don’t bother about it – you can start over if you need to and get yourself back on track.
- Reward yourself
Accomplishing steps towards goals can create those positive chemical reactions in the brain. But sometimes we need more to keep us motivated. Try to reward yourself with something each time you achieve a step towards your goal.
Achieving Financial Independence
It’s not always a good idea to let others have total control of your financial situation during a marriage. But if you have finally made the decision to take back control of your financial destiny, then a brand new world can start to open for you. You will realize that your abilities, talents and experiences will help you to achieve a much greater sense of freedom, with happiness sprinkled in along the way. The journey to financial INDEPENDENCE is not an easy one. It is an important one that is entirely up to you on how you want your future to look.
If you’re 50+ and you think
divorce is in your future, we can help!!
CLICK HERE for more information !
Acknowledge where you are in life
Understanding where you are right now will allow you to map out where you ultimately need to go. Even though where you currently are in your life can seem to be unpleasant, it is vital to your empowerment process.
Plan your financial goals
- Take inventory of your existing finances
- Decide what to keep and what to let go of
- Map out how much money you have and how much income you need to generate or receive to give you financial security
- Plan your financial future
Start to re-create your own credit and financial history
You have to reestablish yourself with completely separate finances. By cancelling all joint credit cards and starting over you can establish your own credit score and financial history. Advise all financial institutions and creditors that you are no longer responsible for any future debts. Know where every penny is and where it is going.
Take charge and get excited about your future
More opportunities will come your way when you are taking charge of your new world. Stay focused on what you need to do to succeed financially.
How do you start?
Establish new accounts in your name alone:
- Open a checking account.
A checking account gives you the ability to easily manage your money. You can have your paychecks and usually child support direct deposited. A checking account will enable you to pay bills and stay on top of your finances.
- Open a savings account.
Or, two or three — one for each of your financial goals; emergency fund, down payment fund, college fund — you get the idea.
- Create a new budget.
Hopefully you and your ex had a household budget, if not the new you will want to have one. Your budget should reflect your current situation and balance your income with all of your expenses.
- Establish or fix credit.
While many of us get by without a credit card or loans, it can be difficult to move forward with your goals without an established credit profile. If home buying is in your future you will need to make establishing credit a priority. It’s also important to protect your credit during and after a divorce. Make sure your name is not associated with loans, mortgages or credit accounts that are no longer your responsibility. Keep an eye on your credit history to ensure all the information being reported is accurate.
You will succeed!
Natalie
