Divorce and finances are completely intertwined. Ensure that your financial rights are always protected by contacting an experienced divorce attorney at My Modern Law today.
Divorce And Finances
Many people understandably focus on their children during the divorce process. As expected, the process of a divorce involving minor children often includes the determination of child visitation schedules and the calculation of child support. However, in the middle of the process of a divorce, financial planning does not typically hold a place of priority. However, the significance of considering a financial plan for your future after your divorce can not be overstated. Divorces and finances are inextricably linked, and visiting with an experienced family law attorney at My Modern Law can help you better understand all of your legal and financial rights, and help ensure those rights remain protected.
Consider Your Finances After Divorce
Divorce is overwhelming. In some cases, one spouse may not have been privy to all of the finances of the divorce, due to the fact the other spouse simply handled all of the bill payments and investments. As a result, it can feel terrifying to suddenly have to consider both a current financial plan, budget, and savings for the future. In many cases, spouses are either left with very little money, or a substantial amount of money, and either way are unsure how best to proceed to ensure the protection of their assets. When there is a division of marital assets in a divorce, it should be a priority for both spouses to take their next financial steps carefully. As a result, it is important to consider the benefits of financially planning and evening contacting an experienced financial planner in order to ensure all of your rights are protected.
Understand Your Financial Foundation First
If you are just starting out considering how to handle the intersection of divorce and finances, take the time to establish a solid foundation by considering the financial questions that may impact you such as:
- Should I consider investing in the stock market?
- Should I consider investing in real estate?
- Should I keep my home or should I consider selling it?
- How do I diversify my finance? What are my options?
- How do I ensure that I have financial stability in the future?
When you are married, you are working as a team towards a common financial future. However, that completely changes once you are divorced. Now, it is critical that you take the time to develop a solid foundation to understand how to ensure th protection of your financial future. A great way to develop a strong financial foundation and understand your current financial situation is to work with an experienced financial planner like Jana LaVanway at Juncture Wealth.
Develop a Financial Plan
Developing a financial plan can seem challenging, especially if it is not something you have ever done during your marriage. Consider the following steps:
Determine Your Assets and Debts
Make a complete listing of all of your assets and debts. Then ask difficult questions such as How much money do you need every month to pay bills and living expenses? How much do you feel comfortable putting into savings? Are you paying for anything you do not need, such as monthly subscriptions? Are you adequately covered for health insurance and life insurance, or are you paying too much? Take the time to make a complete inventory of all of your current finances so that you can start making a plan to move towards your goals. After you determine all of your assets and debts along with your financial goals, make a tight budget and stick with it month after month.
Consider Potential Tax Consequences
The decisions you make regarding your divorce and finances will have both state and federal tax consequences. Make sure that you do not pay unnecessary taxes simply because you failed to consider consulting with an experienced family law attorney or financial planner. The tax consequences of decisions you make now can have permanent and long-lasting financial consequences, therefore, it is important to make these important decisions with the tax ramifications in mind.
Consider the Current Political and Economic Climate
A new president will certainly usher in new policies, some of which may be economic. Additionally, as the country is still experiencing the devastating consequences of a global pandemic, it is important to consider the current political and economic climate as it may impact both your divorce and finances. Consider the low interest rates for the housing sector and the fact that the stock market is higher than it has been in several years. All of these factors can come together to help you make a better decision for your financial future.
Along with investments in the stock market, many people are also considering investing in real estate due to the record low interest rates. Again, every person will have different facts and circumstances, and visiting with an experienced financial planner can help you determine if buying a new family home, or an investment property, would be financially beneficial for your specific situation.
Consider a Financial Planner
If the idea of handling all of your financial planning after a divorce seems too risky for you to tackle alone, consider visiting with a financial planner for a free consultation regarding your financial plans after your divorce. Contact Jana LaVanway, an experienced financial planner at Juncture Wealth to help ensure you receive the best answers to protect your financial future.
How an Experienced Family Law Attorney Can Help You
Every person should take the time to consider their finances after a divorce. If you are considering a divorce, or in the process of a divorce without legal representation, consider visiting with an experienced family law attorney at My Modern Law to learn more about your legal rights during your divorce. The decisions you make during the divorce process regarding the division and distribution of assets can have a permanent financial impact on your future. We would welcome the opportunity to discuss how our experienced attorneys can ensure all of your legal and financial rights remain protected.
Listen to attorney Billie Tarascio and Financial Planner Jana LaVanway in their discussion about finances after divorce: