New Year's Resolutions
by Eva Sachs CFP CDFA

January is a time when people traditionally make New Year's resolutions. And for some, it has to do with coming to terms that their marriage may be over. Some people are already separated and have been holding off on the divorce, but then Christmas comes and the arguments start over who is going to have the kids, and what's happening with the money and that drives them into finally filing for divorce. For others, it has been building up for some time and they make a new year's resolution to get out of the marriage.

If you have resolved to take that next step or are considering doing so, you need to arm yourself with information about your choices in divorce, what process will best work for you as well as understanding the financial issues in divorce. You'll be better equipped down the road if you arm yourself with as much information and support now.

If you're procrastinating about moving forward, here's a short list that will help you get started:

1. Organize your financial information. January is the perfect time to sort through your records and files

   • Create a list of documents relevant to your separation. Email me and I will provide you with the list
   • Look for documents and policies - mortgage documents, insurance policies, etc. Figure out what documents may be missing or need updating and call to arrange for updated information as this takes time.
   • Gather & copy all year end statements as they come in this month. Take the time to review them.
   • Organize bills and invoices (including credit card, debit card statements) from last year and create a historic summary if you don't already track your spending on an ongoing basis
   • Look up and review Company benefit plan information to familiarize yourself with existing medical/ insurance/pension benefits.
   • Put all into a Divorce Info binder so you can have this information at your fingertips. Make copies of the relevant financial info. You can use the binder to add other information relating to your divorce research and take it with you to meetings with divorce professionals, so make sure it's big enough.
   • I've created "My Money Matters" binder for this purpose with tabs etc. all ready to go. You just have to drop in your own documents. Email me if you're interested.
   • Book an appointment with a divorce financial professional to review all to answer any questions you may have

2. Research your choices in divorce... arm yourself with information regarding the various choices available to you to work towards a separation agreement. There are many sources on the web (check my website under Resource/Useful links as a starting point) Follow up by speaking with a number of divorce professionals directly.

3. Join a support group. There's a lot of help out there. Don't be afraid to ask for it.

Finally, establish a deadline for getting this done. Be realistic, know what must be done, when it must be finished, and that you can be accomplished, given all that's already on your plate.

A conversation with our panel of divorce professionals about supportive approaches to divorce

TORONTO
Sept. 24th 2009

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Money Mentality
by Eva Sachs CFP CDFA

Women generally, and divorced women in particular, have a distinct and usually difficult relationship with money. We often lose our financial identity during our marriages, if we ever had our own income or credit history in the first place. We still tend to let our husbands make most of the financial decisions sometimes even after the divorce is final. We allow ourselves to be intimidated by financial jargon and distrust our own instincts about managing money. These habits leave us vulnerable and ill-equipped to deal with finances after divorce.

When divorce hits, there are still many women today who have never been in charge of their own money or worked outside the home. You may be overcome by the guilt and fear of being in financial distress at a time of life when you thought you'd be on easy street. You may not know who to trust and—worse still—feel you can't afford to hire a good financial advisor in addition to recovering from the costs of lawyers, therapists and others.

The emotional issues may cause you to push off dealing with your finances far too long. After your divorce is final, your team of advisors will become more important to you than ever before. Look for support and guidance from caring professionals who are in the position to help you as you start your life after divorce.

Check Your Money Mentality: Take a moment to ask yourself a few questions. What does wealth mean to you? Are you a saver or a spender? Do you live below, at, or above your means? How do you feel about debt? Have your attitudes about money changed because you're now divorced?

Experts say attitudes toward money don't necessarily change in accordance with bank balances. So, it's important to understand your motivators and potential pitfalls. You may not like the truth you uncover, but you can always improve if you know where to start.

Eva Sachs, CFP, CDFA
Phone 416.232.1540
Fax 647.436.3828
Email esachs@womenindivorce.ca
www.womenindivorce.ca