Choosing to file for divorce is never a fun or easy decision. Yet if one or both of you agree it’s time to go your separate ways, the process can become more complicated than simply moving out and changing bank accounts.

Whether or not you and your soon-to-be-ex-spouse combined finances or not, your financial situation is important to begin taking the next steps once you file for divorce. It’s crucial to make a list of both your and their income, individual and marital assets and debts.

An IRA is an Individual Retirement Account designed to make your money work for you. IRAs aim to secure your financial freedom as you plan your retirement. Like many investment accounts, an IRA includes a variety of benefits such as tax advantages. While a standard savings account is great, investing your funds into an IRA helps your money grow rapidly—even from just one contribution.

ETF stands for exchange-traded funds. These are a type of investment that utilizes the two very popular investment vehicles: mutual funds and stocks. ETFs are similar to mutual funds as they offer plenty of ways to diversify your portfolio. In addition, they usually have lower expense ratio fees compared to mutual funds.

Understanding your relationship with money is your saving grace when it comes to improving your finances. When you consider what money means to you—and why—you realize why you treat money the way you do. For example, if you reflect on your spending habits, what do they look like? Are you an impulse buyer? Or are you frugal? Oftentimes when we struggle with our finances, it’s because we are either abusing or neglecting our money.

Whether that means expanding your business or perfecting your savings plan, our team at Fyvie Financial ensures you and your family’s financial needs come first. 

Creating a financial plan is making a personal step-by-step guide to help you achieve your money goals and other aspirations involving money.