Starting Again Financially

For many women, starting again after being left widowed or divorced can be overwhelming. Being left widowed or divorced is a significant change which is difficult to cope with as it affects all aspects of your life, not just your financial position.

Good financial advice can make a real difference if you are faced with this scenario, as having a financial adviser who understands the impact of being divorced or widowed will ensure you are making financial decisions which are appropriate for your circumstances. Having a financial adviser during this tough time is also a comfort, as you know someone is there to help manage your finances, which is one less thing you have to stress about.

1)     Understanding your Money

Understanding your current financial position is the first step of the process. A financial adviser can help you collect all your current financial information such as the value of your current assets, liabilities, income and expenses. This information will give you and your adviser a snapshot of where you stand today.

2)     New Financial Goals

Another important step of the process is to establish new financial goals. Setting goals gives you and your adviser a target and will also help your adviser make projections to ensure that you can achieve your goals.

3)     Review your Insurance

You should also review your insurances with your financial planner to ensure that your current insurances are adequate for your changed circumstances. Check your current insurance policies with your financial adviser to see what kind of policies you have in place and the benefits you will receive if something were to happen to you. Like most of us, you may only have the default insurance cover within your superannuation fund (usually Life, Total and Permanent Disablement and Income Protection insurance) which may not be enough to cover you now that your financial circumstances have changed.

4)     Prepare for Retirement

Your financial adviser should have a conversation with you around your goals for your retirement and make some predictions of how much you will need, due to the fact that you now only have one source of income to rely on.

We understand that having to start over again is not easy. At Addept Wealth, we aim to come to a solution with you in which you can continue to live your life without this change being a huge financial burden. If you or someone you know has recently become widowed or divorced, we encourage you to contact us to see where we can help.