Financial Planning for Divorce
There are many difficult life events that intersect with financial planning. While it is not fun discussing topics such as death, taxes, and divorce, sometimes it is unavoidable. None-the-less, these topics must be planned for financially. You may believe that you only need a divorce attorney when planning for and beginning the divorce process but realistically you should build a team of advisors to help you. This team should start with your attorney. The other team members to consider would be a Certified Financial Planner™, a therapist, a tax advisor or CPA, and a realtor. Each of these could play a significant role in minimizing the financial and mental damage of a divorce. These professionals could help make the process more efficient and end up saving you more money than had you done this with just an attorney.
Some tasks a CFP® could help you with include:
Income needs.
Child support.
Spousal support/ alimony.
Social security – 10 year marriage rule.
Post-divorce budgeting.
Real estate, dividing the marital home.
Finding a new home and mortgage if you did not take it.
Insurance - Life, Health, Disability...
Taxation of property/accounts when split.
Estate planning.
Beneficiary assignment.
Debt and credit.
Bankruptcy.
Pension and retirement accounts.
Life and disability insurance on your Ex.
Behavioral recovery help.
This is not an exhaustive list but it shows how extensive the role of a financial planner can play in your divorce. Please use this link to see a handout that I created while collaborating with my family law partner, JJR, Law Offices of Jennifer J. Riley. This shows a checklist of to-do’s before, during, and after the divorce process.
I hope this post provided some useful information while dealing with a difficult life event. If you need to learn more, please schedule a call with Ryan.
Fiduciary Mission
At Integritas Financial, we are committed to providing fee-only, fiduciary financial planning services that are tailored to the unique needs of young professionals, particularly millennials. Our experienced planners work with you to develop customized financial plans that address key areas such as estate planning, trusts and wills, retirement, workplace benefits, education funding, student debt, and buying a house.
We believe in transparent, client-focused service that puts your financial goals at the center of everything we do. As a fiduciary firm, we are dedicated to acting in your best interests, and we never sell products that charge commissions to clients.
Our goal is to help you achieve a stable and prosperous financial future by providing comprehensive financial planning services that are tailored to your individual needs. Whether you're just starting out in your career or you're already well-established, we can help you navigate the complexities of financial planning and create a roadmap for success.