By Megan Sayles
AFRO Staff Writer
msayles@afro.com
Nearly every person encounters an event that changes the course of their lives, whether planned or unexpected. From welcoming a new baby to surviving a natural disaster, these life transitions can reshape not only daily routines, but financial stability as well.
To help readers prepare for these moments, AFRO News spoke with certified financial planner Zaneilia Harris, founder of Harris and Harris Wealth Management, about how to navigate life-changing scenarios.
When divorce happens
No one expects their marriage to come to an end, but when someone makes the decision to file for divorce, Harris said it’s crucial that they build the right team around them. This team can include a divorce attorney, financial planner and therapist.
Harris warned people to refrain from making emotional decisions about assets, which can cloud judgment and lead to choices that aren’t financially optimal. In her work, she’s seen spouses focus on keeping the house for the perceived benefit of their children, while forgoing retirement accounts or other financial resources that might better support long-term stability.
She also emphasized that people must be able to distinguish between their premarital and marital assets. Each partner should identify what they’re bringing into the marriage and determine what they would like to commingle or remain separate.
She recommended that people consider a prenuptial agreement if they are entering a relationship with substantial assets.
“You may want to consider doing a prenup as a risk management tool to protect yourself in the event that things go awry,” said Harris.
Staying ready for catastrophe
As climate change intensifies across the globe, households are facing more intense and frequent extreme weather events. According to the National Centers for Environmental Information (NCEI), between 2020 and 2024, there were 115 weather and climate disasters with total losses amounting to $746.7 billion.
In light of these growing risks, Harris said preparation begins with understanding insurance coverage before disaster strikes. She urged homeowners and renters to carefully review their insurance policies to determine exactly what is covered, stressing that not all policies protect against every type of damage.
“With the fires in California, people did not have adequate insurance to cover, or they were fighting the insurance company because insurance companies don’t want to pay,” said Harris.
Standard homeowners insurance, she explained, typically covers structural damage but may not include flooding or other disaster-related losses. Because of this, Harris recommended exploring supplemental coverage or policy riders that address specific risks that are common in a person’s region.
She also advised that households review their insurance policies annually. Getting clear on policy terms ahead of time, Harris said, can prevent confusion or mistakes when filing claims and help households recover more quickly after a disaster.
“You have to understand the language that they have in the policy, but you also have to understand the language in reporting claims and how to report a claim,” said Harris.
Getting a serious diagnosis
In the event that someone is diagnosed with a life-changing illness, Harris said the first step is to pause and reevaluate priorities to see how long-term life goals may need to be adjusted.
“During those periods when you have to pivot, it forces you to get grounded into what’s important and what you want now going forward,” said Harris. “Once that’s clear, you can start developing a plan.”
Harris also stressed that individuals should not wait to receive a serious diagnosis before setting aside a dedicated emergency fund to cover medical expenses and unexpected costs. If someone doesn’t have this emergency fund, they may need to make more drastic changes to their lifestyles.
In addition to savings, Harris emphasized the importance of insurance as a form of risk management. Disability insurance can provide income replacement if an illness prevents someone from working, while long-term care insurance helps cover costs if ongoing assistance is needed to navigate daily activities.
“In addition to having your money separate in buckets to address the different categories in your life, you need to protect yourself by having disability insurance when you’re in the workforce and long-term care insurance when you get older,” said Harris.
