Getting Help Managing Your Pre & Post-Divorce Financial Life and… Where the Heck Is All That Paperwork Anyway??

{3:36 minutes to read}  This month, I am hosting an article that my friend and colleague Tommie Michalik wrote for my website. She is a talented, compassionate and dedicated financial professional who helps individuals move forward with financial confidence when they are going through or have gone through a significant change-in-life event… divorce being one of those events.

Getting Help Managing Your Pre & Post-Divorce Financial Life and… Where the Heck Is All That Paperwork Anyway??

by Thomasina “Tommie” Michalik™ CFP®

When going through a divorce, many people feel completely unprepared for the financial life that follows. For many spouses, the thought of taking on reconfigured responsibility for life’s essentials is like looking into an abyss. So often people come to me and say, “I have never been involved in the family finances. My spouse has taken care of all the bills. What do I do and where do I start?” This is not a gender specific question. There is almost always one person handling the financial affairs for the family and that can leave the other spouse mostly in the dark.

I know what that’s like. I was divorced over 26 years ago and left to raise a son alone after my husband walked away and never returned. But with knowledge, undertaking financial control doesn’t have to be fraught with anxiety. You can learn what you need to assure your financial independence and security. I promise!

The first step is getting a grip on what you have. We have to find and then assess the family finances: bank accounts, tax statements, investment accounts, retirement accounts, mortgage statement, the deed on the house, life insurance policies, educational costs including existing loans, car loan statement…..to name just a few. If you are in mediation, you probably have already gone through most of this, but once you are living on your own, you need to take complete responsibility for your financial life.

Pulling together all that documentation may seem daunting. That’s where I come in. As a Certified Financial Planner for 35 years, board member of Long Island Planning Association and American Association of Daily Money Managers, I know how to find it and more importantly — how to explain what it all means so you can manage everything going forward.

My task is to help you set up a solid financial foundation. This includes opening up new bank accounts, establishing credit, obtaining life and health insurance if you don’t already have it, preparing for retirement, preparing to do a new Will… all of this leading toward self-sufficiency.

The task can seem overwhelming and each situation is unique. Sometimes my job involves circumstances that require intense research. But there is no job too large or too small that I can’t help you with. Consider me your knowledgeable and friendly guide to a new and confident life!