Financial Planning in the Wake of Divorce
Divorce is a significant, life-changing event. Emotions are running high, the two parties involved are often very angry, and for everyone involved, including the children, life as they know it is getting disrupted.
It’s not the best time to be making big decisions that can greatly impact your finances for literally the rest of your life.
If you’re currently going through a divorce or planning to be, I highly recommend you find a good financial planner and a good lawyer who can work as a team, seeking the best outcome for you.
As a CERTIFIED FINANCIAL PLANNER™, I’m more than happy to take the time to speak with you, even if that’s introducing you to attorneys who may be able to help, or giving you some quick financial advice.
Get divorce financial advice today. No obligation.
McClellan Wealth Management offers financial planning services for those going through a divorce. As a firm that’s aware of the challenges commonly faced during this time, our hope is that we can help you receive your fair share of assets and leave you in a good place going forward.
Our divorce financial planning services include:
- Financial preparation
- Financial analyzation
- Financial planning
- Financial mediation
As a CERTIFIED FINANCIAL PLANNER™, McClellan Wealth Management strives to help couples with their finances during and after the divorce. Since many non-financial factors may impact a person’s ability to make practical decisions about how the marital property will be divided or allocated, we believe it may be important to have a good attorney, along with an experienced financial advisor on their side.
Expert Planning. Empathy. Respect.
The process of dividing assets can be time consuming and complex.
While pension plans and other retirement accounts are considered marital assets that must be split per state laws, deciding who gets other assets, like the family home, often leads to more complicated and heated discussions.
Fairly dividing assets can become very difficult with a range of factors to consider. While one spouse may want to keep the house, this is an asset that requires you to keep putting money into it, unlike a 401k which continues to bring in money. Not all assets can be viewed at their face value.
It’s also not uncommon for one spouse to be worried that any money in their spouse’s name is going to be tied up. But this isn’t always the case, and it also depends on the situation. If your spouse is hiding money from debt or trying to avoid paying taxes by keeping all assets out of their name, then chances are good that their accounts will be frozen during divorce proceedings.
In order for one person not to lose out financially, consulting with an experienced financial advisor from the outset may prove to be beneficial. You don’t want to give up half of what you worked so hard for, especially if a divorce could leave you upside down financially.
Get financial guidance tailored to your needs and your individual situation.
Every person is different, and no divorce is the same. There is no one size fits all when it comes to advice. Every clients’ needs must be considered individually before an appropriate course of action can be taken. While financial advisors can give you insight and expert guidance, it’s important that they understand your unique situation.
With regards to divorce settlement or the division of assets, we often recommend seeking financial guidance from an advisor you trust. Financial advisors help guide clients through a wide variety of issues from investment strategies to retirement planning pre and post-divorce.
Conflict resolution may also be a very important aspect of the process for some separating couples. So much so that it often holds equal weight with financial issues in determining outcomes during a divorce.
Having a good attorney and financial advisor on your side may also aid in conflict resolution and may even help you come out of the process more financially whole.
Step-by-step, I will walk you through this difficult transition.
From showing you how to financially prepare, to helping you create a new financial plan for going forward, McClellan Wealth Management is here to help make this difficult transition go as smoothly as possible.
Preparing for divorce is all about getting everything together and organized so that you know where you stand. You’ll want to gather all important documents such as bank statements, birth certificates, deeds, titles and so on. But you’ll also want to list all streams of income and expenses in order to understand where you’re currently at financially. These are all important steps to take prior to initiating the divorce process.
Then, when it comes to creating a new financial plan, we recommend you create realistic goals and consider how much you want to spend in the future. I believe a big reason divorce leads to financial despair is because most people don’t take these steps after the divorce is final. When I became a CERTIFIED FINANCIAL PLANNERTM, I saw firsthand how many individuals fall back into their old ways and make poor spending decisions. That’s why I believe it’s important for me to help educate my clients on their financial situation once their divorce is completed. One way we accomplish this is by identifying financial goals and analyzing investments.
Contact McClellan Wealth Management today to schedule your complimentary, no obligation consultation.
Contact McClellan Wealth Management today for your free financial planning consultation. I would like to be your trusted CERTIFIED FINANCIAL PLANNERTM and help walk you through this difficult process and set up a new financial plan to help ensure that you will be able to take care of yourself and your family for the long-term.
I believe I can help answer questions such as:
- How do I protect my retirement assets?
- How do I get back on track with spending so I don’t have to worry about being in debt my entire life?
- What kind of steps should I take now in order to make sure I’m in a good place financially when this divorce is final?
- Should I set aside money for spousal support or child support? If so, how much?
These are just some of the many questions we can talk about during our FREE consultation.
I know you have questions and I know things likely seem overwhelming and complicated right now. I also believe with the help of an advisor, you can navigate this process with confidence that you will be financially okay when everything is said and done.