Navigate the process with confidence
Guiding your financial path through a divorce
Divorce can be a draining process on both your emotions and your finances, from the costs of divorce procedure itself through financial considerations after the divorce is finalized.
No matter your situation, a financial professional can guide you through the process, help transition your financial priorities to your new phase of life, and support your long-term financial goals all along the way.
Where we can help
You may feel like your whole life is turned upside down through the divorce process. However, with careful preparation and solid professional guidance, you can begin to meet your daily needs while building new long-term goals.
Whether both spouses worked or you were living on a single income, we can help you assess your solo income and expenses and strategize if any changes are needed for your lifestyle.
Your living situation may have changed during the divorce process. If you stayed in your home, are you able to maintain your lifestyle there or is downsizing or moving a better option for you?
Conduct a review of any formerly shared bank accounts, credit cards, and insurance policies to confirm that your name is the only one listed on any statements or other supporting documents.
Along with your bank accounts, review your estate planning documents, such as a will, trust, or life insurance policy, to make changes that accurately reflect your current situation.
You may consider working with an attorney if these documents need to be revised or if new documents are needed. Many financial professionals can recommend trusted lawyers in their network if you do not have one already.
If you received any benefits, such as health insurance, disability insurance, or life insurance through your former spouse’s employer, consider your options to gain coverage elsewhere. Be sure to update any insurance policies where beneficiaries are listed, such as a life insurance policy.
You and your former spouse may have had shared retirement accounts or a goal in mind to save for. A financial professional can help you adjust your goals and account for the loss of contributions if needed.
Finding a financial ally
Divorce financial planning is a complex process, and you will have specific needs and desires when looking for financial professionals.
You may consider a professional with the CDFA® (Certified Divorce Financial Analyst®) designation, who has specialized training in the financial and tax aspects of divorce. If you own a business, you may also desire someone who has experience in business finance, while balancing your other lifestyle and future priorities.
Most importantly, since this may also be a highly emotional transition, you will want a professional who aligns with you personally and will uphold your values during and after the divorce.
We recommend searching for three to four financial professionals who meet your on-paper requirements for your specific situation, and then scheduling initial consultations to get to know the person walking through this difficult time with you.*
North Star works with 160 financial professionals serving individuals nationwide, so you can find someone you feel confident working with.
Working with an individual that has a CDFA® designation is not a guarantee of future financial results. Investors should conduct their own evaluation.