In my previous article we spoke about the importance of gathering accurate data and piecing together your financial jigsaw. If you follow the steps suggested you’ll now hopefully have a good understanding of your current financial position.
In this one I’d like to take a look at setting goals, and working out what is it from a financial perspective you’d like to achieve.
If at all possible, don’t rush into this and also remember ( and this bit may be difficult ) to try and be realistic in the context of your circumstances as you will need to agree all of this with your partner and if you can’t then the courts will.
You may have a reasonably straightforward financial situation with straightforward aims that you want to achieve, or your financial situation and your goals may be more complex.
Whatever your situation, don’t just think of the immediate here and now.
Whilst, that’s likely to be the most pressing for you, also try and think and plan ahead:
- · Short term – the next five years.
- · Medium term – five to ten years.
- · Long term – more than ten years.
Write down all your thoughts, think them through, discuss them with your lawyer. It may be that you decide to eliminate those that are of least importance to you or refine others having taken time to think things through.
If you need help with budgeting and calculations there is some excellent information available at The Money Advice Service.
The calculators help to explore potential settlement scenarios and are able to give you an indication of how financially matters may pan out for you post divorce.
By going through these steps and those suggested in my previous article, you are now hopefully in a position of being better informed about your financial position and have some direction as to where you would like to get to.