Our Divorce Financial Planning Approach
Clients who need a divorce financial advisor generally come to us about halfway through the divorce process. If you have been referred to us, it doesn’t mean there’s anything wrong with your financial picture, but rather your attorney is trying to match you with a financial partner who can help you navigate the next chapter of your life.
Your divorce attorney is the point person on your strategy, and we advise you and work with your attorney on issues that will affect post-divorce finances.
Over two decades, we have helped divorced or divorcing clients move toward confidence, control, and freedom, with a goal of thriving after divorce. Having a guide who puts your needs foremost may help you move away from confusion and uncertainty and onto the path you want for yourself.
Through divorce financial planning, we can help you understand your options, the value of your assets, and the long-term financial implications of decisions made during the divorce proceeding.
Our warm style and the way we take time and care for people can feel just right after the formality of divorce proceedings. Divorce is a big transaction, and we want to put you in a position to make decisions that are good for you.
Planning during divorce
If you come to us during a divorce, we will get to know your goals and values, just like we do with all our clients. This helps us advise you on questions around housing, taxation, asset division, and transactions like exercising stock options.
It also helps us hit the ground running when the divorce is final to help you meet your financial goals. People who come out of divorce with a large settlement need to make investment management and tax planning decisions. These are things you may or may not have thought about much in the past.
We take you through an exploration to learn your investing preferences, such as how conservative or aggressive you want to be and whether you are interested in ESG investing.
Planning after divorce
Once the divorce decree is signed, we review it and create an after-divorce checklist of everything that needs to be implemented. This can include:
- Coordinating what money you will receive, from where, and when to make sure none falls through the cracks
- Splitting of accounts
- Deciding where settlement money will go and allocating it accordingly
- Rolling retirement money over
- Working with a CPA to make quarterly tax payments
- Managing cash flow to pay for legal fees, moving, and other expenses related to the divorce
- Updating life insurance policies
If you are new to investing, we will take the time to explain the markets and make sure you are comfortable talking about what’s going on under the hood.
The first year of a divorce may be low-tax year so we will discuss what investment moves can be made to take advantage of that, as well as other strategies to reduce tax.
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Set yourself on the path you want for your financial future by working with a financial planner today.