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Austin Divorce Planners

Financial Advice in Austin, TX

Your Fresh Start Deserves a Fair Split
Located in Austin, TX
512-963-6883
512-963-6883
  • Home
  • About Us
  • Divorce Planning
    • Collaborative Divorce
    • For Women
    • For Men
    • For Couples
    • Why Divorce Planning
  • Financial Services
    • Financial Help
    • Pension Calculations
    • Child Support Calculation
    • Spousal Support Calculation
    • Post-Divorce
    • Budget Planning
    • Property Valuation
    • Divorce Loans
    • Resources
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  • Blog
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You are here: Home / Blog / Overlooked Financial Issue During Divorce- Adjusting to a new financial reality after Divorce

Overlooked Financial Issue During Divorce- Adjusting to a new financial reality after Divorce

March 2, 2020 By Keith

Divorce is commonly seen as one of the most stressful experiences one will ever go through.  Along with all of that stress, you are also making financial decisions that will most likely affect the rest of your life and perhaps the lives of your children as well.  For that reason, it’s always a good idea to get the advice of a Certified Divorce Financial Analyst™ or some other financial professional during your divorce process.

Adjusting to a new financial reality after Divorce

When going through this life transition, it’s quite challenging to adjust to your new “financial reality.” Your income is cut in half, but it’s not likely that your outgoing cash expenditures will be cut in half.  It may take a few months for you to adjust to your ‘new’ standard of living, but it’s important to spend within your means and adjust your cash flow out to meet your cash flow in.  You’ll want to make sure that you have plenty of money saved up for your retirement since the previous ‘retirement plan’ that you had is no longer valid.  If you received any liquid assets as a part of the divorce settlement, try not to dip into those assets much after the first few months.

It’s important that you meet with a financial advisor as soon as you can, in order to put a new plan in place.

The sooner you can regain your sense of financial security, the sooner you’ll be on your way to discover all that your new life has to offer you.

Also, you’ll also want to schedule a meeting with an estate attorney to update your will.  This should be done as soon as you separate, or know that you are getting a divorce.

Keith Powell, Certified Financial Planner® and Certified Divorce Financial Analyst​​™​
www.austindivorceplanners.com kpowell@austindivorceplanners.com 512-963-6883

Securities offered through SCF Securities, Inc. • Member FINRA/SIPC • 155 E. Shaw Ave., Suite 102, Fresno, CA 93710 • 800.955.2517 • 559.456.6109 FAX.  Investment advisory services offered through SCF Investment Advisors Inc. SCF Securities, Inc. and Austin Divorce Planners are independently owned and operated.  The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.  To determine what is appropriate for you, consult a qualified professional.

Want to Read More?

Overlooked Financial Issues During Divorce- Valuing a Pension
Overlooked Financial Issues During Divorce- Dividing Assets
Overlooked Financial Issues During Divorce- Hiding Assets

Filed Under: Blog

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Reviews

Christy Morley
Christy Morley
2022-06-12
Keith Powell was easy to talk to and he explained things for me to understand easily.
Melissa Girtman
Melissa Girtman
2021-08-04
I found Keith Powell through my divorce attorney and Keith was an amazing resource for me during my settlement negotiations. Keith's role as a Certified Divorce Financial Planner, helped me to evaluate the financial arrangements my husband's attorney was proposing; and feel confident I would be able to support myself and pursue my new divorced life. I am a very visual person and the plan Keith presented enabled me to see how my retirement goals were protected and my budget planning contributed to my success. Highly recommend Keith!
ATX_HEX
ATX_HEX
2021-01-14
I found Keith through Google and his reviews were good, so it made sense to go through a divorce financial planner as a mediator instead of my now ex-wife and I both paying to hire lawyers. Keith was knowledgeable and helpful for the most part, but there were many things I had researched about asset allocations in a divorce he had never even heard of. Additionally Keith and his assistant sometimes took days to return phone calls or texts. The biggest issue I had was the lack of communication and organization. What should have been handled in 2 meetings ended up taking three because Keith failed to tell both my ex-wife and myself all documents needed for our second meeting, so we were forced to attend a third meeting to reach an agreement with our finances and my assets at his going rate of $195/hr. An unnecessary expense had Keith just told us what we needed to bring in the first place for our second meeting.
Josh Tollett
Josh Tollett
2019-08-27
Divorce is even harder if you don't have a good adviser to help you through the process. Highly recommend to help you with your needs.
Kimberly Chapman
Kimberly Chapman
2014-11-13
To Whom it May Concern: I have personally known Keith Powell for the last three years. I can vouch for Keith's honesty and integrity having had the personal benefit of Keith's help within the context of my dissolution in February 2013. In addition I can also vouch for Keith's knowledge of the law, and expertise when it comes to his ability to provide the services for which he is so retained, and the fiduciary responsibilities that he assumes on behalf of his client. I know without a doubt I would not have faired as well in my dissolution without the aid and expert advice of Keith Powell who I now call my friend. Kindest regards, Kimberly Ann Chapman

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