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RISING WOMEN EXPERT
ADVICE...
Will I be okay financially? To leave my
marriage or not to leave, that is the question.
Like many others, it sounds like your marriage is less than perfect. Looking
in from outside, you appear to be the happy little family, but truth be
known, you are living a quiet life of desperation. You might have been doing
this for months or even years. Even worse, you are a victim of domestic
violence (if so, get professional help now). Like you, many women are
saying, “I am afraid of what separation or divorce will look like.”
What are you afraid of? It may be several things, but in our society, almost
everything you do is around money. Your fear may be even greater because you
were not the one who handled, let alone understand the finances. The money
or income is required to support a lot of issues. Number one, the children
need to be financially supported. The law has set out specific guidelines.
It may also be needed for spousal support issues, where the law can be grey.
Then there is the aspect of splitting the assets and potential tax
implications. What does all this really mean? Will you be okay financially?
One of the first steps is getting realistic about the “Cash Flow”. Where is
it coming from? Will there be any changes in the future? You may need to go
back to work, work more hours, or upgrade to get a better paying job. You
may even find that there is one of you who needs to cut back due to health
issues.
Always remember, when you were together there was one set of expenses.
However, once you are apart there will be two sets of expenses, but still
often the same income. You may need to get your head around a changed
lifestyle. It may prove prudent to ask: “What does my budget look like? What
changes am I willing to make?”
You also need to be aware of how you will handle future debt that you might
need to take on. How will you protect future payments? This is where
insurance can be a helpful comfort, if you are expecting support payments.
Do not overlook the statistics in this area. Work it into your budget.
Life is about choices. A Certified Financial Planner and Financial Divorce
Specialist can help you with all these questions, implement your plan, and
work with you into your future. Get educated. Don’t be afraid to ask for
help. You owe it to yourself, your family and your future!
For more expert financial divorce advice, contact Wendy Olson-Brodeur
at The Financial Divorce Specialist at 403.398.2466. Visit
www.tfds.ca for
upcoming seminars. |
