Post Divorce Long Term Financial Planning


Sandy Balick of Consensus Point Mediation, LLC ( discusses the importance of regular savings post divorce.More than a few divorce survivors, giddy with newfound financial freedom, have managed to spend large sums of money in shockingly short periods of time, whether in frivolous ways or through poor investing (people with investing ideas will swarm around you like flies on a carcass).

Those on the depleted side of the post-divorce financial equation may find themselves forced to make do with less in the short term. Ironically, there may be a silver lining here as straitened circumstances can impose a powerful spending discipline – imparting an acute sense of where every dollar is going.

“Long term” is an elastic concept – let’s define it as not in the year ahead but rather as years ahead (10 or 20 or more). Ultimately, you get to define it for yourself based on your age, goals, etc. While Long Term Financial Planning (LTFP) is frequently about retirement, it may just as well include all sorts of distant goals – additional education, opening a business, etc. Almost always though, achieving your goals will be heavily dependent on two things: finances and good health (and certainly there is a relation between the two).

Making a good start on LTFP is much easier than you may think. First, in almost any circumstance, regular savings, no matter how modest, is critical. You may have plenty of time to refine the long-term plan; but it’s nowhere without regular savings – even if you can’t start saving today.

Second, though it may be wise to consult experts (more about that soon) there is nothing like education in the basics of money, savings and investing. Thanks to the Internet, an amazing amount of resources are immediately available to you. For those with the temerity to read books, there are also good non-technical works on the subject. (Some helpful suggestions will be the subject of an upcoming post.)

The other part of Long term planning is to have goals and objectives (which you are always free to change or adjust). But without thinking about the future it’s hard to develop a concrete plan. Thinking is easy and low cost:

  • It may be done while at the beach, staring out into the ocean

  • While waiting to be cleared for takeoff

  • In your kitchen while drinking your morning coffee before you’re overtaken by the demands of the day

Ideas are easily found and refined – at the bookstore, online or at the local library.

Talking with friends, family and co-workers has value as well. Ultimately, you’re the captain of your ship but it doesn’t hurt to get a variety of views and opinions from people you respect and trust.

Next post: Helpful Sources for Long Term Financial Planning

Sanford (Sandy) Balick, Attorney & Mediator in New York Sandy Balick signature
Sanford E. Balick, Esq.
Founder & Principal Mediator
Consensus Point Mediation, LLC.

Phone: (646) 340-3434
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