This four-part article series explains the many financial pitfalls associated with divorce and how women can best avoid them through careful research and the right planning.
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...
Solana Beach Financial Advisors: The 8 Possible Financial Consequences Of Divorce and How To Avoid Them, PART 2
1. Solana Beach Financial Advisors: The 8 Possible Financial Consequences Of Divorce and How To Avoid Them, PART 2
This four-part article series explains the many financial pitfalls associated with divorce and how women can best avoid them through careful research and the right planning.
Welcometothesecondinstallmentofthisfour-partarticleseriesonthepossibleconsequencesofdivorceandwhatwomencandotoavoidoratleastoffsetthem.
Inourpreviousarticlepost,Part1,weexplainedthefactthatdivorcecanoftenseeeventhemoreaffluentofwomenbecomingfinanciallyunsecure,whichhasalottodowiththecostofdivorceitselfaswellassimplybeingill-prepared!Thisemphasizestheimportanceofdoingthoroughresearchintotheassetsbothyouandyour(ex)husbandhave.Thismightrequiresomediggingandeventheuseofaforensicaccountant,butyouandyourspousehavebeenateamuntilnowandassuch,everythingshouldbefairlydivided.
Let’s take a look at some more advice provided by Solana Beach financial planners:
Consequences of Divorce # 3: Losing or Not Having Your Important Documents
Beforeyouevenraisethesubjectofdivorce,orsoonafterithasbeenraised(sincetheseconversationsareseldomplannedandexecutedsmoothly),youshouldshufflethroughallofyourhouseholdfilesandaccumulatecrispcopiesofthefollowingfinancialdocumentsandrecords:
•Loan applications and documents,
•Tax returns,
•Trusts,
•Insurance policies and comprehensive inventories,
•Wills,
2. •Financial,brokerageandcreditcardstatements,
•Allbankinginformation,
•Propertydeeds,
•Carregistrationpapers,
•Copiesofyourspouse’sbusinessassets(ifyoucangetyourhandsonthem),
•Anydocumentsthatcanproveyourownershipofassetsand/ormaterialitems,giftsandinheritancefromfamily.
Havingup-to-datecopiesofalloftheabove-mentionedfinancialandlegaldocumentswillnotonlyhelpyourlawyerputtogetherawatertightcasefarquicker(thussavingyoumoneyonlegalfees),youwillalsobesparedmuchhassleandfrustration.
“Nomatterhowdesperatelyyoumightwishtoexitamarriage,getyouraffairsinorderfirst,”suggestSolanaBeachfinancialadvisors.
ConsequencesofDivorce#4:MissedandForfeitedAssets
Inmostcases,halfofeverythingyouandyourspousehaveaccumulatedisyours,sobesurenottoignore, overlookorsimplyforfeitanyassets! Youmaynotwantcertainthings,buttheirvaluecanbetradedforsomethingyoudowant;halfofwhichmaybelongtoyourspouse.
What You Should Do
stubswiththehelpofaSolanaBeachfinancialplanner.Eventhecostofyourspouse’seducation,whichyoumayhavehelpedputhimthrough,canpossiblybeclaimedfor.Expensivebusinessequipmentandhobbiesshouldalsobeinvestigated.Youmaywanttohiretheservicesofaforensicaccountant.All’sfairinloveandwarandinordertogetwhat’sowedtoyou(50%)youneedtobesmartandyouneedtobethorough.
Makeadetailedinventorylistofalltheitemsownedbyyouandyourhusband,fromtheluxuryyachttotheJetSkiandbankaccountstosafedepositboxes.Reviewallofyourinsurancepolicies,investmentsandretirementplansaswellasthosepay
Stay Tuned for Part 3
Ignoringtaxconsequencesandmixingmoneyandyouremotions…Toreadsomemorepossiblefinancialconsequencesofdivorceforwomen,staytunedforthethirdinstallmentofthisfour-partarticleseries.