Financial Planning for Divorce

All of our lives, we’ve watched women we love go through messy, financially painful divorces. We committed to ourselves to be a financial advisory team that could provide women with the guidance they need during times of transition. If you need a warm shoulder, you’ve got it.

With the right financial planning, you can move past divorce and into a future of new possibilities with confidence. We will prepare you for the realities of the process and ensure you step into a sound financial position as quickly as possible once the divorce is complete. We’re skilled at working in partnership with your lawyer—in fact, we often attend meetings with my clients’ divorce attorneys in order to remain updated and advocate on their behalf.

Financial Planning for Divorce

Taking the financial reins can be daunting. But you will be able to put a plan in place that will support you and your children in the years to come.

Here are five things to keep in mind to help you move forward:

  • Don’t procrastinate.

    Begin taking action by collecting and copying your financial documents. Next take an inventory of your household items.

    You’ll want to begin building your team, including an attorney or mediator, a financial advisor, and a tax preparer.

  • Get knowledgeable about your finances.

    Not everyone is comfortable with their current understanding of their household budget, savings, and investments. It’s a sound idea to make a detailed accounting of your mortgage, rent, property taxes, insurance, subscriptions, etc.

    Make sure you know where your various marital accounts and any businesses are located.

  • Get educated.

    Understand your rights and obligations and what divorce options are available in your state. This includes custody and possible support issues. For example—the spouse who earned less during the marriage is often entitled to court-ordered financial support during the divorce period. Arm yourself with information.

  • Build your team.

    Make sure to surround yourself with professionals.

    One sound piece of advice is that you may not want a “win-at-all-costs” attorney. Instead, find yourself a good negotiator committed to getting the best results for you.

  • Create a Wealth Plan.

    You and your team should plan for current and future expenses. You have a right to understand the impact of the divorce on your retirement assets and other savings. Your ultimate goal is to move to a path to financial success and fulfillment.

For a more in-depth discussion of these five points, see Hilary's column on DailyWorth.com.

With the right financial planning, you can move past divorce and into a future of new possibilities with confidence.

Divorce is never easy. Armed with the right team, you can move through the challenges into the next bright chapter of your life, fully prepared for the new and exciting possibilities to come.

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