Contributed by Eileen Stoner of The Stoner Group

Divorce or separation is not only challenging emotionally for you and your family, but it can also impact many key areas of your financial life, including being able to maintain your lifestyle and pursue your long-term goals.  Below are some important ideas and strategies that can help you successfully manage your financial life during this challenging time.

Consider creating or revisit your financial plan.

Starting over provides an ideal opportunity to reevaluate your cash flow, retirement goals, education funding, and insurance needs.  You can also review your current investment portfolio, asset allocation, asset preservation, and estate planning strategies.  This process can help in the creation of a strategy to help you meet your most important short-term and long-term financial goals.

Adapt to Change.

Maybe one spouse stayed home with the children and is returning to work as a result of divorce.  Often, the income that supported one household must now support two.  To make a smart spending plan, consider completing a budget worksheet that outlines your major expenses, such as housing, insurance, food, utilities, transportation, and clothing.

If you and your spouse jointly own one or more homes, the future of those assets may be uncertain.  You may both decide to sell the houses or maybe make them a part of your divorce settlement.  Either way, don’t let mortgage and tax payments lapse, and make sure to fit real estate expenses into your overall budget.

For auto and life insurance coverage, consider reducing premiums by raising deductibles or dropping coverage you don’t need.  You can rethink any of these strategies when your post-divorce financial picture becomes clearer.

The Stoner Group is a team of Financial Advisors with UBS Financial Services Inc. a subsidiary of UBS AG. Member FINRA/SIPC in 16810 Kenton Drive, Huntersville, NC 28078. The information contained herein is not a solicitation to purchase or sell investments. Any information presented is general in nature and not intended to provide individually tailored investment advice. Investing involves risks, and there is always the potential of losing money when you invest. The views expressed herein are those of the author and may not necessarily reflect the views of UBS Financial Services Inc. As a firm providing wealth management services to clients, we offer both investment advisory and brokerage services. These services are separate and distinct, differ in material ways and are governed by different laws and separate contracts. For more information on the distinctions between our brokerage and investment advisory services, please visit For designation disclosures visit  . In providing financial planning services, we may act as a broker-dealer or investment adviser, depending on whether we charge a fee for the service. The nature and scope of the services are detailed in the documents and reports provided to clients as part of the service. Financial planning does not alter or modify in any way a client’s existing account(s) or the terms and conditions of any account agreements they may have with UBS. UBS Financial Services Inc., its affiliates and its employees are not in the business of providing tax or legal advice. Clients should seek advice based on their particular circumstances from an independent tax or legal advisor.  For designation disclosures visit  UBS 2019.  The key symbol and UBS are among the registered and unregistered trademarks of UBS.  All rights reserved.  UBS Financial Services Inc. is a subsidiary of UBS Ag. Member FINRA/SIPC DBA4ADO 2019-171101