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Wealth & Well-Being

Navigating Divorce with Strength: Financial and Emotional Strategies for Women

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Divorce is a complex journey that tests both your emotional fortitude and financial acumen. At Northstar Financial Planning in Windham, NH, we understand the intricate balance required to navigate these challenges. Our approach is holistic, offering support that caters to both the financial and emotional aspects of divorce. These recommendations come from our experience supporting many women as they go through this life-changing event.

Prioritize Your Emotional Health

Prioritizing your emotional health is crucial during a divorce. It's important to practice self-care, seek support from friends, family, or professionals, and maintain a positive mindset. Emotional well-being is intertwined with financial decision-making; thus, feeling emotionally grounded can lead to more rational and beneficial financial decisions. At Northstar, we advocate for a balanced approach, ensuring that your emotional health is given as much attention as your financial stability. If both influence the other, one cannot be ignored.

Building Your Support System from the Start 

The role of the financial planner is to help both the client and the lawyer understand how the financial decisions made today will impact the client’s financial future based on certain assumptions.

When people think about getting a divorce, the first professional that comes to mind is an attorney. Typically, a financial advisor – whether it is a CPA or CFP® – is not considered until later in the divorce process – or even until after the divorce is final.

But, having a financial planner advise on the impact of major financial decisions from the very beginning (even before the divorce papers are filed) can be invaluable, as we will illustrate in more detail below.

The Role of a Financial Planner in Moving Through Your Divorce with Confidence

A financial planner with experience helping women in transition can be instrumental in navigating the financial complexities of a divorce. They bring a nuanced understanding of how financial decisions made today will impact your future. This includes:

  • Analyzing and Projecting Financial Outcomes: Experienced financial advisors can provide detailed analysis of proposed settlements, illustrating the long-term financial implications. For instance, they can help you understand how asset division will affect your financial stability years down the line, ensuring that you receive an equitable settlement.
  • Expertise in Complex Financial Issues: They are adept at handling complex issues like tax implications, dividing pensions, and understanding capital gains, which are often overlooked yet crucial aspects of divorce settlements.
  • Guiding Major Financial Decisions: From deciding whether to keep the marital home to understanding how to divide retirement funds, a financial planner offers invaluable guidance. They help you make informed decisions that align with your long-term financial goals.

Long-Term Financial Planning & Your Go-To Support System

Divorce requires careful consideration of your long-term financial health. Understanding the implications of asset division, future income, and expenses is crucial. Our team of professionals helps navigate these considerations, ensuring decisions align with your long-term financial well-being.

Having a strong support system, including professionals, friends, and family, is invaluable. Northstar Financial Planning is committed to being a part of your support system, offering tailored guidance and support throughout your divorce journey.

Facing divorce with strength and confidence is key, and you don't have to do it alone. Northstar Financial Planning is here to support you in reinvesting in yourself, working on financial stability, and caring for your emotional well-being. Contact us to start building a brighter, more secure future post-divorce.

Written by Rachel DeCarolis in collaboration with Lexicon Advisor Marketing

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