My Divorce is Final. Now What?

Moving Forward After Divorce

Felicia age 47 with two children 13 and 17

Felicia's main goals

Felicia was worried if she would be okay financially now that her divorce was final. She wanted to make sure she wasn’t making any mistakes going forward that would jeopardize her retirement. With a daughter heading off to school in less than a year and another child a few years after, Felicia wondered what was the best way to fund this expense. She didn't want her kids to have more in student loans than necessary. Even though her ex was liable for half of the cost, she didn't feel confident he would be holding up his end.

Lastly, she was also concerned about what she didn't know, that she felt should know.

Being the better saver and earner in her marriage, after the settlement, she found that her retirement accounts were drastically reduced as well as her savings that went to legal fees.

Our Strategy for Felicia

·????????We took a holistic approach to make sure that all of her goals and concerns were addressed

·????????We then put a plan in place to help ensure she was on track going forward to retire at her desired age

·????????We put together a college plan to help ensure college costs didn’t adversely affect her own retirement and showed her how best to pay for college for her older daughter since that was coming up fast

·????????Looking at various tax saving options, those were incorporated into her plan as well

·????????We discussed a Social Security strategy that could increase her lifetime retirement income

·????????Since her investment mix was based on the whims of her ex, we reallocated her investments to better align with her risk tolerance and personal values

·????????Working together on an ongoing basis allowed us to stay on track toward meeting her goals

Interested in learning more about our post-divorce planning process??Click here?to schedule a time for a complimentary call.

Disclaimer - This case study is provided for illustrative purposes only and is hypothetical in nature. Names have been changed. An individual's experience may vary based on their individual circumstances.

Financial Planning Solutions, LLC (FPS) is a Registered Investment Advisor.?Financial Planning Solutions, LLC (FPS) provides this blog for informational and educational purposes only. Nothing in this blog should be considered investment, tax, or legal advice. FPS only renders personalized advice to each client. All investments carry risk of loss. Always speak with your investment professional before buying or selling a security.