austin wealth specialistsaustin wealth specialistsaustin wealth specialistsaustin wealth specialists
  • Home
  • About Us
  • Our Values
  • Planner Bios
  • Working with Clients
  • eMoney Advisor, LLC LOGIN
  • Contact Us
✕

Adjusting to a New Financial Reality

  • Home
  • Blog
  • Financial Security
  • Adjusting to a New Financial Reality
Overlooked Financial Issue During Divorce- Adjusting to a new financial reality after Divorce
March 2, 2020
Published by Keith Powell on July 14, 2021
Categories
  • Financial Security
Tags
wealth management austin

Adjusting to a new financial reality 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sure that you have plenty of money saved up for your retirement since the previous ‘retirement plan’ that you had is no longer valid.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.

Share
0
Keith Powell
Keith Powell

Proudly Serving

Austin Wealth Specialists proudly serves clients in Arizona, Florida, Mississippi and Texas

We Specialize In

  • Independent Wealth Management
  • Financial Advisor Services
  • Asset Management Services
  • Retirement Accumulation Services
  • Estate Planning Services

Contact Us

11824 Jollyville Road Suite 500
Austin, Texas 78759

Keith Powell: 512-963-6883

Hours of Operation

Mon – Thurs: 9am – 5pm
Friday: 9am – 12pm

By Appointment Only

Securities offered through B. B. Graham & Co., Inc. Member FINRA/SIPC. Investment Advisory Services offered through Hughes Group Wealth Management Partners. B. B. Graham & Co., Inc., Hughes Group Wealth Management Partners, and Austin Wealth Specialists are separate and otherwise unrelated companies.

© 2021 Austin Wealth Specialists. All Rights Reserved.