During the Divorce
Emotions during a divorce are at a high level with the tension between the divorcing spouses and the uncertainties about the future with regards to how the divorce will affect one personally and those persons for whom we care. It is imperative to think financially during this time of the divorce process to not let emotions be the deciding process in making life changing financial decisions.
It goes without saying that an important step in the divorce process is the division of your marital property which may not exactly be equal but hopefully equitable.
Although it is sometimes tempting to rush into a quick settlement to mitigate the emotional and financial burdens of divorce, there is a strong likelihood that one might accept a settlement that may be less than they are entitled.
During the divorce process, a CDFA™ will assist with a divorce settlement analysis either a settlement composed by you and your attorney or a settlement proposed by your spouse’s attorney.
Other things to consider:
- How to handle your retirement plans such as IRA, 401(k), or pension?
- If there are transferred business interests, how to ensure certain tax attributes are not forfeited?
- What are the tax implications in property and/or investment transfers?
My goal and focus of Bridgeworks Divorce Financial Planning is to provide a realistic overview of my client’s financial situation both in the present and in the future, so that I may assist them in making financially prudent decisions in an emotionally difficult time.