In this series, “When to Turn to an Advisor,” I’m talking about how quickly things can change in life and when an advisor can help you navigate those phases. In the first post, we discussed how people can benefit from the help of an advisor when they experience the loss of a loved one. This time, we’re talking about how an advisor can help you when you’re going through a divorce.
As wonderful as marriage can be, there’s no denying the fact that nearly half of them end in divorce. Regardless of the reason for the separation, a divorce can be painful, emotionally draining, overwhelming, and expensive. While there’s no avoiding the emotions that come with such a big life event, you may be able to reduce some of the stress and financial implications if you work with an advisor during the process.
The Emotional Implications of Divorce
Whether or not it’s your first divorce, such a life event can be difficult both financially and emotionally. And when it impacts your emotions, it may cause you to make less than practical financial decisions.
Not too long ago, I was working with a client who was experiencing a divorce. He was depressed and having a hard time imagining a positive outcome in multiple aspects of his life. It’s hard to see the pot of gold at the end of the rainbow if you can’t even see the rainbow within the storm.
Rather than dive into the financial elements, we spent a lot of time just talking. One thing we discussed in detail was Tony Robbins and other transformational leaders that had inspired me to be my best. I shared some of those tools, thoughts, and words I had learned to help uplift his spirit and to help him adjust his mindset to one that was more positive and beneficial.
The Power of Positive Thinking
At the end of these conversations, this client told me how much better he felt. Did these conversations change the course of events in the divorce or alter his financial status? No, but they did help him see a light at the end of the tunnel. And the more positive and less overwhelmed we feel, the more likely we are to remain clear-headed and make appropriate decisions. This is an important step that should come before planning financially for your life post-divorce.
This leads back to the concept I discussed in the last post: pivot points. Everyone will experience events and moments in their life when they have the opportunity to make a decision that will impact the rest of their life. These decisions require thoughtfulness and time to make sure they work out in the best possible way. As this client worked toward having a more positive mindset, he could envision a positive outcome post-divorce and work past the feelings of depression.
Working with an unbiased partner can help you see past the depression you may be experiencing in the moment and focus on the decisions at hand. When you’re going through a divorce, you’ll experience a lot of emotions and decisions, from deciding your living situation to childcare schedules to who gets what.
While a divorce is something no one wishes to endure, you don’t have to go it alone. If you or someone you know is going through a divorce, I’m here to help. When you are ready to chat, you contact me at (626) 529-8347 or email me directly at [email protected].
Ricky Biel, CRPC® is a wealth manager with Haydel, Biel & Associates, an independent financial advisory firm serving individuals and families near Pasadena, California. The firm was founded in 2004 by Chris Haydel and Ricky Biel with a desire to provide unbiased, client-centered, community-based financial advice. Together, they have built a practice that has grown into a family of caring, smart professionals committed to blending proven investment methodologies with creative financial technologies that make it easier than ever to accomplish your goals. They strive to keep things simple and fun to give their clients peace of mind and alleviate financial stress. HBA Wealth takes care of their clients’ needs first and foremost and goes the extra mile to make their clients’ finances grow. To meet and see how the HBA Wealth team may be able to help, contact them today at (626) 529-8347 or email Ricky directly at [email protected].