Managing finances and investments during divorce is often a difficult situation. Establishing savings and investment strategies with a new spouse can also be challenging.
Divorce can strain finances as well as emotions. But preparation and financial planning during and after divorce can help you protect your financial interests and take charge of your future well-being.
Look ahead, not back. Assess your current financial situation and rework your long-term goals. This can help you plan for the future while you manage your daily needs.
List income and expenses. Ensure the list includes your current finances, as well as what you’ll have once you are divorced. Do you earn enough to support yourself and your family?
Identify your assets. Make a list of all your assets, their value and whether they are owned jointly or separately. Which assets do you really want and which ones are you willing to let your spouse keep?
Deal with liabilities. Will you be able to pay outstanding debt on the assets you keep? Assess your and your spouse’s liabilities and obtain credit reports.
Know the employee benefits. Make sure you understand the specific benefits that you and your spouse are entitled to, as well as the life, health and disability insurance policies that you both own through your employers. If you have children, whose health insurance plan will be used to cover them?
Consider child or spousal support. Will you be paying or receiving child support or spousal support?
Life can change at any time. Our approach to financial planning in divorce is expressly designed to adapt to evolving needs. An FinMarie Elite financial advisor can help you with the complex financial decisions you face during a divorce and plan for your future goals.