To start building wealth after divorce, first assess your finances by reviewing your income, expenses, assets, and debts to understand your post-divorce financial position. Set both short- and long-term financial goals, such as rebuilding savings, paying off debt, or investing for retirement.

Create a budget that reflects your new circumstances and prioritize saving while reducing unnecessary expenses. Focus on rebuilding your savings by growing an emergency fund and contributing to retirement accounts like IRAs or 401(k)s.

Finally, seek professional guidance from a financial advisor to develop a personalized strategy tailored to your needs.  We, at NxtGen, have a lot of experience supporting women through this life transition.

Our financial advisors can help you find the best policy for your needs by considering:

*Determine Coverage Needs: Confirm the required coverage amount and duration as specified in the decree.

*Choose the Right Policy: Options include term life insurance (affordable and time-limited) or permanent life insurance (offers lifelong coverage).

*Name the Correct Beneficiary: Ensure the appropriate person, such as your ex-spouse or children, is listed as the beneficiary

*Consult an Expert: Work with an insurance agent or financial advisor to select a policy that aligns with your specific needs and legal obligations.

Reach out – we’d love to connect today!

A Qualified Domestic Relations Order (QDRO) is a legal document used in divorce to divide retirement accounts, such as 401(k)s or pensions, between spouses. It ensures that the non-employee spouse receives their share of the retirement benefits without triggering taxes or penalties. A QDRO must be approved by the court and the retirement plan administrator.

Consulting with a financial professional can ensure proper preparation and compliance.