Divorce Financial Planning
Going through a divorce is often a highly emotional and difficult process, requiring hundreds of decisions. In addition, financial portfolios and regulations are much more complex these days, making those decisions even more impactful on your future financial status.
Making the wrong move can have serious consequences. For example, dividing a 401(k) or IRA incorrectly can result in taxes on the entire amount. And, jumping into divorce without careful planning could leave you worried about your financial survival.
Divorcing in midlife brings its own financial issues. Instead of child custody, older couples must divide retirement plans, businesses, real estate and other property, as well as debts.
Regardless of your age or financial situation, the first step to take when divorce enters your life is to meet with an advisor on divorce financial planning. Before going further, you’ll want a true accounting of each spouse’s assets, so you can plan for upcoming challenges such as splitting retirement and bank accounts (50/50 is not always fair), selling the family home, managing acquired debts, securing health insurance, setting up alimony and child support, and other important financial moves.
If you’re contemplating divorce or have already started the process, you’ll benefit by partnering with a financial advisor with demonstrated knowledge. If you’re in a divorce proceeding, let us provide an impartial review of your asset allocation before you sign anything.
As a CDFA® Dick Harsin has the personal training and skills to help clients make sound decisions during divorce proceedings, from allocating assets to setting up a financial roadmap for the future. He is also a presenter for Second Saturday, a workshop to help women prepare for the legal, financial and emotional aspects of divorce. To register for the workshop go to SecondSaturdaySeattle.com.
Contact Dick Harsin for a confidential consultation, and start taking the necessary steps to protect yourself and your future.
Learn about divorce planning workshops for women