How do you cope when moving on from divorce?
You’ve survived divorce (perhaps it feels like only just) and have or are about to receive your share of the matrimonial assets. You may have received a share of your ex’s pension, the matrimonial home (or the right to live in it for a certain number of years), a lump sum and / or maintenance payments. You may feel confident that you’ve received a fair and reasonable amount or you may be very worried about how you’re going to manage.
A fresh start
Whatever your situation, after your divorce it’s important to take stock of your new financial situation and start putting some new plans in place. It may not feel like it, but this is a new beginning, the start of a new chapter in your life and a focused financial plan will enable you to manage the funds you have and help turn what may feel like a bleak future, into a bright one.
Taking the first step
Choosing the right financial adviser is the first step of this new journey. You want someone who can relate to what you’re going through and who’ll spend time getting to know you. You want someone you can trust and who’ll be there, at the end of the phone, for the long term.
Life planning and setting new goals
Whatever financial goals and dreams you and your ex had, you now need to re-asses them. At Juno Wealth, we know from experience that this can be a difficult and emotional process which is why we’d suggest you enlist the help of an experienced financial life planner.
It’s time to focus on you
It’s time to start thinking about what you want your future to look like. You may still have the same vision of your future as you did before your divorce or you may have no idea what you want.
Life planning is a guided process which will help you take stock of where you are now, what challenges you face and what you want to achieve in the short and long term. The process will also help you clarify what you enjoy and value, and what makes you feel fulfilled.
As you go through the life planning process, you’ll start to get a clear idea of what you need or want to achieve. That may mean planning your retirement, going back to work, enrolling on a course and starting a new career, foreign travel or just buying out your ex-husband’s share in your home.
Life planning is often a very uplifting experience, giving you back a sense of optimism and confidence. And once you’ve identified what you want your future to look like, your life planner will then help you with what needs to be done to help you achieve it. That in turn can feel very empowering.
A financial plan is a crucial part of this process. At Juno Wealth, that involves a thorough audit of your current financial position including all your assets, income and pensions. Once that’s done, we can advise you about what you need to do in order to achieve your financial goals and start implementing it for you. You may find that at this stage, it feels like a huge weight has been lifted from your shoulders.
Your plan may involve saving more into a pension, investing a lump sum or just re-organising your assets so that they are more effective.
Taking control of your assets and investing a lump sum may be a very new experience which is another reason why you should choose a financial adviser who understands that this is new and who explains it all clearly, allowing you time to take it all in.
At Juno Wealth, making sure that we understand your attitude towards taking investment risk and your ability to withstand any potential short term losses is very important and we always make sure your portfolio and investments reflect this. Our investment philosophy is based on a large body of evidence and a low cost, sensible approach.
Review and re-assurance
You’ll also need to make sure that your financial adviser will keep your finances under review. Things do change, whether that’s your plans for the future, interest rates or something else. Regular reviews mean you know your finances remain on track – and that can save you from a lot of worry if there’s a drop in the investment markets.
Easy cash flow management
Managing your new budget can also seem daunting. ‘What happens if I need a new car or a new boiler?’, ‘Can I afford a holiday?’ and ‘What about when my maintenance comes to an end?’ are all common concerns.
The good news is that good cash flow planning service can provide the answers. Our software calculates your income and expenditure both now, and in the future (and in a number of different potential situations).
Budget with confidence
The result is that you can budget and plan for future expenses with confidence. If there are areas that you need to cut back on, we’ll tell you. But it’s not always about cutting back. We’re often able to re-assure clients that they can afford to relax because they’re safely within budget for the long term.
We’ll also discuss other areas, like insurance policies and we have a network of other professionals who we can recommend. So, if you need to make a new Will or see an accountant, you can be confident that the person we recommend is trustworthy.
A new chapter
There is no denying that life after divorce can be daunting and challenging at times but it doesn’t have to be bleak or scary. And you don’t have to go it alone. With the right kind of support, you can start the next chapter of your life with confidence, optimism and you may well find yourself looking forward to the next few years.