Post-Divorce Finances

CFP? CFA? ChFC? Huh??

Sandy Balick of Consensus Point Mediation LLC (consensuspointmediation.com) provides some guidance on choosing a financial advisor.So you’ve read the recommended readings in my last blog and it’s time to move forward with a plan. Often, this will entail working with a broker, investment adviser, etc. You probably discovered there are many out there and, should you wish to work with one, how do you go about the daunting task of selecting one?

The names on the cards of many of these counselors are frequently trailed by certain initials. They are intended to convey that the individual has been certified, usually after having taken specialized education and testing, to have a certain additional financial expertise. Common designations include the CFP (Certified Financial Planner), CFA (Chartered Financial Analyst), and the ChFC (Chartered Financial Consultant) to name but several. (Go to Investopedia to learn more about these and other popular designations.)

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Post Divorce Long Term Financial Planning

THE TIME IS RIGHT

Sandy Balick of Consensus Point Mediation, LLC (consensuspointmediation.com) 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.

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Wake Up! It’s P (for Planning) Day (8th in the “Post D – as in Divorce – Day” Series)

Sandy Balick of Consensus Point Mediation, LLC (https://consensuspointmediation.com/) explains the financial planning that is needed once you have been granted a divorce.With Divorce Judgment in hand, mark the occasion with a good meal at a favorite restaurant, get a good night’s sleep and wake up ready to celebrate P (for planning) Day, the day you begin to develop plans for re-establishing the three major areas of well-being in your life – – health, finance, and mindset – – following D (as in divorce) Day.

So far in this series we’ve covered basics, having addressed living and testamentary wills, health and some important insurances aimed at financial security. Picking up with finances, this entry is about the importance of personal finances, something best approached through an effective financial planning process.

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Liability Insurance – Insuring Your Financial Future (7th in the “Post D – as in Divorce – Day” Series)

Sandy Balick of Consensus Point Mediation LLC (consensuspointmediation.com) explains the importance and some specifics of liability insurance.The necessity to review important health-related matters, post-D Day, has been the focus of recent blogs. Most recently we reviewed the issue of health insurance. With this entry, we move beyond health to matters pertaining to financial well-being. The focus remains on insurance though.

Several common forms of insurance provide important protection to your assets. Much has been made recently about the required-purchase aspect of health care insurance. In reality, the states have long required car owners to have insurance or other proof of financial responsibility. Assuming most readers will have some familiarity with auto insurance we’ll focus on some optional liability protections that may be very important, depending upon your financial and asset circumstances.

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Assuring Asset Protection (6th in the “Post D – as in Divorce – Day” Series)

Sandy Balick of Consensus Point Mediation, LLC (www.consensuspointmediation.com) discusses home insurance considerations.This post is part of a series of items of interest to the newly divorced in terms of personal financial security. You don’t have to be divorced, of course, or have any special occasion to undertake a personal financial review. These reviews are usually thought of in the context of stocks and bonds, but there are other components to the personal security picture and insurance is a key one. The last post touched on health insurance – this time we move on to other valuable insurance protections.

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Your Wish is Their Command: Advanced Healthcare Directives

Sandy Balick of www.consensuspointmediation.com continues his discussion on post-divorce priorities, this time focusing on Advanced Healthcare Directives.I’m continuing my series on important things to look into after your personal D (as in Divorce) Day. Whether you are carried along by a sense of liberation or just a strong desire to finally get on with things, you should make the most of the opportunity to address personal finances (as in getting same in shape) and other important things. This entry falls in the “other important things” department.

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