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Carver Financial Services

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The Storm After the Calm: Post-Divorce Planning

Divorce can be one of the most challenging experiences of a person’s life. It’s also the largest financial transaction of many people’s lives. As a Certified Divorce Financial Analyst® (CDFA®), I address the special financial issues of divorce to help my clients achieve equitable settlements.

Over the years, I have worked with countless individuals who, once the process is finally over, are often exhausted and ready to move on. While it’s natural to want to put everything behind you, there are some essential post-divorce steps you can take that can make a significant difference in securing your financial future.

1.    Reassess your financial plan

Your financial situation likely looks very different after a divorce. Updating your financial plan is a crucial first step. Begin by adjusting your budget to reflect your new income and expenses.

Consider any new financial responsibilities, such as child support or spousal maintenance, and look for opportunities to save or invest to meet your long-term goals. Taking the time to thoroughly reassess your financial landscape can provide clarity and reassurance.

2.    Update the beneficiaries on all your accounts and policies

During your marriage, you may have designated your former spouse as the beneficiary on retirement accounts, life insurance policies and other assets. It’s essential to update these beneficiaries to align with your current wishes. Failing to do so can lead to unintended consequences and complications down the road. Be sure to check all accounts, including employer-sponsored retirement plans and investment accounts, to ensure they reflect your new priorities.

3.    Review and update your insurance coverage

Insurance is often overlooked in post-divorce planning, but it’s essential to ensure you’re adequately protected. This includes the following:

  • Health insurance: If you were previously covered under your former spouse’s policy, you might need to explore new If you have children, confirm that they’re covered under the appropriate plan, and consider whether your current coverage is sufficient for your needs. Note that you have only 60 days to notify an employer about a divorce, or you could you’re your benefits.
  • Umbrella policies: An umbrella policy provides additional liability protection beyond your other insurance If you had an umbrella policy during your marriage, now is the time to review the coverage limits and adjust them as necessary, based on your new circumstances.
  • Life insurance: Make sure your life insurance coverage is updated to reflect new beneficiaries, and consider whether the coverage amount still aligns with your

4.    Revisit your estate-planning documents

Estate planning is another area that requires immediate attention after a divorce. Update your will, power of attorney, health-care proxy and any other relevant documents to ensure they accurately reflect your wishes. This is especially important if you have children; you’ll want to make sure your guardianship and inheritance plans are clear and in line with your new family structure.

5.    Review and adjust your investment strategy

Your investment goals may have shifted post-divorce, and your risk tolerance could be different now as well. Working with a financial advisor to adjust your portfolio can help you ensure that your investments align with your current and future needs. Whether you’re saving for retirement, building an emergency fund or planning for your children’s education, it’s essential to have a strategy that reflects your new circumstances.

6.    Seek support and guidance

Finally, remember that you don’t have to navigate this alone. Divorce can leave you feeling overwhelmed, but with the right support, you can approach the future with confidence. A financial professional can guide you through the complexities of post-divorce planning and help you make informed decisions that support your goals.

Taking these steps may seem daunting, but they are crucial to building a solid foundation for your future. With careful planning and the right guidance, you can feel empowered to create a fulfilling and financially stable life post-divorce.

If you’re in the process of navigating life after divorce and would like some guidance on creating a road map for your financial future, feel free to reach out. My team and I are here to help you every step of the way. We recognize that not all aspects of a divorce are financial. Everything about divorce can feel unfamiliar and overwhelming

We are here to help you refine your personal vision for the future and to take all the steps needed to achieve that vision.


Randy Carver, CRPC®, CDFA®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Carver Financial Services, Inc., was established in 1990 with the vision of making people’s lives better — clients, team and community. With this mission, Carver Financial Services has grown to be one of the largest independent financial services offices in the country, managing $2.9 billion in assets for clients globally, as of June 2024. Randy and his team provide Personal Vision Planning® for their clients.

You can reach Randy directly at randy.carver@raymondjames.com and in the office at (440) 974-0808.

Any opinions are those of Randy Carver and not necessarily those of Raymond James. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Investing involves risk and you may incur a profit or loss regardless of strategy selected.

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