Divorce

Divorce can strain finances as well as emotions. But, with preparation and planning during and after divorce, you can protect your financial interests and take charge of your future well-being.

Some actions to take in the event of a divorce:

  • Obtain an appraisal on all real estate holdings, if needed.
  • Take inventory of all household and multiple residences contents.
  • Compile financial documents that may include credit card statements, bank statements, investments, retirement accounts, and insurance policies.
  • Verify titles and ownership on all assets.
  • Check Blue Book values on vehicles.
  • Locate tax returns filed jointly or separately.
  • Ensure taxes are up-to-date.

AND DO NOT FORGET:

  • Prepare a budget to follow until your divorce is final
  • Avoid large purchases that may cause financial complications.
  • Donít move out of your home before consulting your attorney.
  • Donít transfer or give away jointly owned assets.
  • Never sign any document until your attorney reviews it.

Going through a divorce requires you to examine ALL your finances. Your financial advisor, attorney, and tax professional can be helpful resources for complicated questions, such as:

  • Will the divorce decree provide a payout?
  • What are the tax implications of income you may provide or receive, such as alimony or child support?
  • Depending on the timing of your divorce, how will you handle your tax return?
  • Will the ownership of the home or other real estate be transferred to either party in the divorce settlement?
  • Should you change beneficiaries on your life insurance policies, investments, wills, etc.?

As your investment professional we can help you with the ongoing financial decisions during a divorce and we can create a customized plan to help keep you financially solvent in the future.

IMPORTANT CONSUMER INFORMATION
This site is for informational purposes only and is not intended to be a solicitation or offering of any security and:
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Securities and advisory services offered through SII Investments, Inc.
Member FINRA/SIPC, and a Registered Investment Advisor.
Insight Asset Management and SII are separate companies.
SII does not provide tax or legal advice.
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