In a divorce, there can be countless issues to deal with. Parenting after the divorce, where to live, what friends side with which spouse, emotional turmoil with blame, guilt, fear and a sense of loss. And, of course, there’s the financial change. How each person deals with this is individual. And one of the first financial steps to take is to assume you’ll be all right. That might not sound like very sound or complex financial advice. But as a financial planner who deals with a lot of people during and after divorce, I can tell you that the people who assume they’ll make things work financially are right. The ones who assume things will only get worse after the divorce are right, too. Pretty early in many of the professional relationships I have I can tell which one of these mindsets the client is likely to fall into. I can help them get out of the “I got the shaft here!” frame of mind, but I can’t do it for them. They have to change their outlook and do something about bettering their situation. So decide right now if someone else is going to control your financial destiny or if you’re going to take control. You’re entitled to it! Just think what a wonderful lesson you’ll teach your children. You and they will be better for it.
About the author
Linda Y. Leitz is a fee-only Certified Financial Planner™ and has been in the financial industry since 1979. She is also enrolled to practice before the Internal Revenue Service. Before becoming a financial professional, Linda held several executive positions in the banking industry. She began her career as a bank examiner. Linda has a BBA in Business Administration from Principia College and an MBA from Southern Methodist University.
As a fee-only financial planner Linda is a member of the National Association of Personal Financial Advisors, the Financial Planning Association, the National Association of Tax Professionals and the Alliance of Cambridge Advisors. As a leader in the financial planning industry, Linda is the author of the book titled "The Ultimate Parenting Map to Money Smart Kids". She has been quoted in several national publications including the Wall Street Journal, U.S. News and World Report, and Morningstar Advisor and she has appeared on CSNBC. She also works as a volunteer instructor to new financial advisors with the Alliance of Cambridge Advisors.