Going through or contemplating a divorce?

Posted 11/13/17

Did you know that divorce can be one of the largest financial transactions of your life? The divorce process is generally unpleasant, and many times individuals do not seek financial help during this …

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Going through or contemplating a divorce?

Posted

Did you know that divorce can be one of the largest financial transactions of your life? The divorce process is generally unpleasant, and many times individuals do not seek financial help during this time.

For some, the emotion and isolation of the process can make an individual unable to cope and make rational decisions. Often the desire to put an end to the process will cause them to look for a fast, nonconfrontational solution.

Planning for the future is an essential part of every divorce settlement. Separating or divorcing couples often face a major financial transformation. The bottom line is that two households must now survive on the same dollars formerly supporting one.

Typically, if financial planning takes place at all, it’s after the divorce, when financial planners help individuals take stock of their finances and move forward.

Divorce financial planning, however, should take place at the start of the process when individuals first choose to go their separate ways. With early entry into the process, divorce financial planners can provide the comprehensive and accurate financial information necessary to reach a workable agreement.

Uniquely qualified to make long-term financial projections, divorce financial planners integrate the methodology of financial planning directly into the divorce process.

Often, the financial data on which settlements are based is incomplete, which can lead to future problems for one or both parties. Divorce financial planning increases the accuracy of financial information, so that both parties achieve workable settlements and accept realistic lifestyle changes when necessary. Some of the benefits of including a divorce financial planner in your planning process are:

  • negotiated settlements that are more effective and less prone to problems or errors
  • more control of the divorce process
  • clearer understanding of the current and future financial picture
  • greater focus on reaching a fair and workable settlement
  • faster resolution of all financial matters, equitably, for both spouses
  • minimized legal fees
  • minimized taxes
  • maximized marital assets

For more information, please visit http://skwealth.com/divorce/ or call 401.331.1575 and speak with Cheryl Ethier.

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