Why It Matters:
Single parenting comes with no shortage of challenges.
If you’ve got single-parent clients, start by listening and empathizing with their situation – both personally and financially.
The Transamerica Advanced Markets team created a helpful checklist itemizing important details to consider for your soon-to-be or recently divorced clients.
For single parents who are already carrying a heavy load with work, child rearing, and life in general, the thought of tackling and sorting through financial issues might feel daunting.
If you’ve got clients navigating single parenthood, you may be able to ease their stress by listening, empathizing, and offering guidance in manageable increments.
For those who are divorced — or going through a divorce — you might want to share this Divorce Checklist: 7 Steps to Consider. Created by the Transamerica Advanced Markets team, the checklist serves as an itemized reminder of the many crucial details couples need to address as they separate their affairs.
It covers everything from gathering tax, insurance, and financial documentation to updating beneficiary designations, names, and property deeds. It’s a long list, but just having it outlined may help bring clarity to the task.
If and when the divorced couple’s financial matters are separated and the dust has settled, it may be a good opportunity to help your client take a fresh look at his or her financial strategy.
Keep in mind a single parent may be focused on the here and now – and for good reason. Just getting the kids dressed, fed, and out the door can sometimes feel like a herculean effort. By first offering guidance on budgeting and accounting for the near-term needs like childcare, monthly overhead, and an emergency fund, you can then talk about the bigger picture. It may be easier to think about retirement savings, life insurance, and college savings knowing the critical day-to-day costs are addressed.
For more on the subject and to open the conversation, share this post with your clients.
Things to Consider:
Understand that a divorce is like hitting the financial reset button and there are lots of details to sort through.
You may be able to alleviate some stress by offering your clients guidance on near-term budgeting concerns.
When the day-to-day costs and issues are addressed, it may be easier to talk about bigger picture financial strategies.