Bermuda Parent Bermuda Parent Spring 2016 | Page 47

Imagine pecially in front of your children. your children having financial security from birth to their 18th birthday. 4. Maintain open com- munication channels with the other parent about the children. 5. Have a concrete plan on to how you both plan to handle child expenses. and again, if you have children and they are minors, remember to include a guardian. One consideration which needs to be addressed is health insurance. Were you covered under your spouse’s insurance? If so you may need to now apply independently. If you are not cur- rently working will you be responsible for paying the entire amount or is this something that is part of your divorce settlement? What happens if you have a pre-existing condition that was being covered under your spouse’s plan; will it be covered under the new plan? All these questions need to be asked and answered so you understand the potential greater impact and can plan accordingly. What is often the most difficult part of any divorce is considering the children. Who is going to live with who, financial responsibilities for the children, and working as a “co-parent”. Although there is no “typical divorce” and no “magic formula” for ensuring the most positive child outcomes, there are some general principles that cer- tainly seem to make it a little easier: 1. Be there for your children, both physically and emotionally. 2. Talk with your children about the divorce. 3. Speak about and act in a respectful manner toward the other parent, es- Lastly, it’s important to realize that you are not going to know everything or be able to do everything. Clearly there will be some gaps you will identify that your spouse fulfilled before. Perhaps they did the finances in the family, or were the handyman around the house or the taxi driver for the children’s activities. Figure out what the gaps are and “OUT- SOURCE”: need someone to help with your finances? -find a financial planner. Need a handyman?- ask the neighbour, a brother or cousin and get them to show you how to fix it. Looking for someone to help cart the children around? - ask your family or other parents at your children’s school – honestly, most people are happy to help. Don’t let pride get in the way of making your newly single life a bit easier, no one is going to look at you any differently. The reality is, you can’t change the situation at hand but you can certainly change your attitude and how you handle the outcome of your finances and family. Carla Seely is the Vice President of Pension and Investments at Freisenbruch-Meyer, if you would like any further details please contact [email protected] or call 441 297 8686. LIFE INSURANCE Picture yourself giving your child/ children a gift that keeps giving, to them and their future families, for many years after their 18th birthday. By purchasing permanent life insurance it enables you to make a contribution to your children’s financial future. For more information - please call Sharon Donawa 297.8689 75 FRONT STREET HAMILTON HM 12 BERMUDA T• 441.296.3600 F• 441.295.6209 [email protected] fmgroup.bm www.bermudaparent.bm 45