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Whether your divorce comes out of the blue or has been a long time coming, there’s a lot to think about. The logistics of divorce planning are complex, especially when you consider the financial aspect of unraveling a marriage. Our financial advisors can help you understand your financial situation and provide you with the guidance you need during this time. While you probably understand the process of splitting physical assets, there is more to consider. In a divorce, investment and retirement accounts may also have to be reallocated to provide an equitable split of the marital property. Don’t wait until after the divorce to understand your new financial position. As your financial advisors, we can assist you and your lawyer with making sound decisions tailored to your unique situation.
After the dust of the divorce settles, it’s time to start a new life for yourself. This includes thinking about your financial future and creating a plan. You still have goals, even though they may look different now that you’re no longer married. We can help you create a financial plan that reflects your new financial situation, your personal goals and timelines, and your priorities.
This can include:
Financial planning for divorce must include a comprehensive overview of your situation. You want to understand your financial position to better represent your interests during the divorce. Here are some things to consider when planning for divorce:
In a community property state like California, marital property should be split evenly between the divorcing spouses. It doesn’t always mean 50/50, especially if one partner has the kids and needs to stay in the family home but doesn’t earn a high income. And everything in your divorce decree is up for negotiation between you and your spouse.
Can I Get Retirement Benefits If I Didn’t Work?When one spouse doesn’t work outside of the home, they may not have any retirement savings. During a divorce, the retirement account of one spouse can be split up to provide benefits for the other spouse. You may also be eligible for Social Security benefits based on your spouse’s earnings under certain circumstances.
How Do I Know Which Assets Are Best to Keep?Our experienced advisors can help you understand your financial situation so you can make sound decisions regarding which assets you want to keep. It may take some financial analysis to determine the value of your investments. You’ll also have to weigh the need for immediate cash over long-term assets like retirement accounts.
Should We Divide Everything 50/50?While community property states like California consider all marital property equally owned, most divorces don’t end in a 50/50 split of assets. If one spouse earns more than the other, the lower-income spouse will need sufficient assets to support themselves.
How Do I Get on Track with My Finances after My Divorce?The first step to getting your finances on track is to create a financial plan for yourself. We can help you evaluate your financial situation and create a strategy to reach your new financial goals. Make an appointment with one of our advisors today to get started.
Planning for divorce and creating a financial strategy after the divorce can be complex. We’re here to help you understand your financial situation and create a plan for your future. Contact The Strategy Partners, Inc. FwdThink to schedule a consultation.