Sudden money comes unexpectedly and as such, most people are ill prepared for it. Windfalls come in many different forms, like divorce or the loss of a spouse. With a new financial transition, there can be challenges.
Divorce is a legal process with financial implications, guided primarily by emotions. The scariest part and perhaps the most common is how divorce can exhaust you. When a non-moneyed spouse (often, women) inherits significant assets through divorce or even the loss of a spouse through death, this can be emotionally disruptive. There is a heightened level of emotions during this time, so any trusted advisor would tell you not to make big moves within 6 months of transition.
During this time, it’s important to go back to the basics to think about what you want-where are you going to live, how much money do you have, and what are your resources. I encourage all individuals to engage with a trusted advisor who can help guide you through this emotional process and help be an advocate to get your financial ducks in a row and set yourself up for future financial security.
Pulled from the pages of “Squeeze the Juice: Live with Purpose, then Leave a Legacy,” the Modern-Wealth series explores the most important topics and themes from retirement planning to the ease of financial planning to writing your family love letter.
The intention and hope are that these small nuggets of information may build on the work that you’re already doing to plan, give you an easily-digestible, non-overwhelming overview of financial planning, or perhaps they may spark an urgency to start getting your financial ducks in a row. It’s never too early to start preparing for the future!
Learn more about Sudden Money in my book "Squeeze the Juice: Live with Purpose, then Leave a Legacy." Get your copy today at squeezethejuic....
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