Going through a divorce is a very emotional process and on top of the personal side, you have some serious logistical matters to sort through. It’s no surprise that your finances are going to be a big focal point of divorce and while your lawyer may help you navigate the technicalities for the decree itself, what happens next?
I have previously explained that “net worth” and “money to invest” are the absolute wrong metrics to use when it comes to figuring out if you’re “ready” for a financial advisor…So if those are not the right numbers to help you determine if you should be working with an advisor, what are the right metrics?
To all the mother’s out there, where does your financial future rank right now on the list of priorities you currently juggle? In between packing lunches, homework, teacher appreciation, birthday parties, sports activities, laundry, grocery shopping, paying the bills, bath time, bedtime stories, Band-Aids and boo boos… you are caretaker, rule maker, meal maker, biggest fan and cheerleader. On top of this, you might also have a career to juggle and so it’s no wonder that finding the time to think about investments or retirement will slip your mind!
If you have already calculated your net worth and found that it’s lower than you expected, or that you need to increase it starting now; here are a few simple ways to help.
As a financial planner for mid-career professionals, I get versions of this question all the time, “Should I use my annual bonus to pay down the mortgage balance?” Like any nuanced financial decision, the answer is far from black and white so let’s explore when it does and does not make sense to pay off your mortgage more aggressively.