HOW TO CHOOSE THE RIGHT FINANCIAL TEAM TO GUIDE YOU THROUGH YOUR DIVORCE

HOW TO CHOOSE THE RIGHT FINANCIAL TEAM TO GUIDE YOU THROUGH YOUR DIVORCE

March 28, 20213 min read

Learning how to become financially stable after your divorce is an incredibly intimidating task for many women – especially when you consider that only 26% of women in partnerships have control over their finances. When you’re suddenly forced to grab a hold of the reins, it’s normal to feel scared, confused, or overwhelmed, but fortunately you don’t have to go through it alone.

One of the smartest things you can do to work on improving your financial situation is to hire a team of professionals to help you understand your finances, and make the right decisions moving forward. Not sure who to hire and how to choose the right team? With a financial advisor, a financial coach, an accountant, and an investment manager on your side you’ll surely feel more in control – here’s how to choose the best ones.

FINANCIAL ADVISOR: Start off by hiring a financial advisor, who can advise you on all facets of your personal finances, including understanding your current needs and goals, and helping you plan for the future. When choosing an advisor to work with, make sure they’re a fit for your values and what you truly need. If the advisor you’re considering is focused only on selling one financial product, they may not be a good fit if their product doesn’t meet your needs. The right advisor should also be able to help translate the financial language that your lawyer and accountant use to help you better understand some of the tax and litigation issues you may be facing during your divorce.

FINANCIAL COACH: Want to have a better understanding of personal finance basics? A financial coach can help empower you to reach your financial goals and learn how to handle your finances responsibly. The right coach will teach you the knowledge and skills you need to move through your fears and become more competent and confident in navigating your finances. Their main goal is to support you by helping you create healthy habits to improve your financial performance. When looking for the right coach, you should feel really encouraged and empowered by your conversations with them, much like you would from an athletic coach. 

ACCOUNTANT: A great accountant is essential in successfully navigating your divorce from a tax perspective. Your lawyer may be able to recommend accountants they’ve worked with previously, particularly ones that are experienced at working through the division of assets for both parties. The right accountant by your side will be able to guide you on how to most efficiently and effectively take care of your money from a tax perspective.

 

INVESTMENT MANAGER: The last piece of your financial team puzzle is to hire an investment manager. Once you’ve worked with the other members of your team to secure your current financial situation and want to move through to the next phase of planning your will and retirement, this is a great time to start working with an investment manager. In choosing the right investment manager, you’ll want to make sure that their efforts help to bolster your future financial situation in a way that complements the work you’re already doing with the rest of your team.

Going through a divorce is an exhausting process in so many ways, and it can definitely be a very emotional road to travel on your own. By equipping yourself with a smart team to support you and guide you, your financial decisions will become increasingly easier and much less stressful for you to navigate.

Sound a bit daunting to manage and coordinate this entire team? That’s where Lemonade Life's divorce coaching programs come in—they’re here to help guide you, give you clarity, and make sure you’re not doing it alone. Curious? Click here to book a chat with us. This is an investment your future self will thank you for. We can’t wait to connect with you!

Back to Blog

SUBSCRIBE TO THE SQUEEZE

Feel whole, hopeful and happy while you crush divorce and transform into your authentic self with quick wins, mindset shifts and growth through mindful reflection. All that helped me to quickly re-set during challenging and forgiving times through divorce.

We respect your privacy.

© 2024 Lemonade Life | [email protected]