Divorce Financial Planning Advisor
It goes without saying that divorce and separation can be painful. During this time of high emotional turmoil there is an extensive mix of financial decisions that need to be made. Uniformed and/or emotionally driven judgments can lead to poor financial choices that will leave their mark for years to come. The decisions you make during this process may be among some of the most important you make in your entire life. The old saying rings true… “an ounce of prevention is worth a pound of cure.” Most will hire a lawyer to help navigate legal obstacles, equally important to a successful separation is working with a financial advisor to guide you through the post Divorce financial planning process so that you can secure your assets and get financially back on track.
Hunt Country Wealth Management has experience in guiding clients through the complex financial system to help them secure and retitle their assets after divorce. We can assist you with implementing the court mandated qualified domestic relations order (QDRO) which is the part of a divorce settlement agreement when dealing with pension and retirement funds. The QDRO establishes your legal right to receive a designated percentage of retirement account balances or retirement benefit payments.We know the process can be cumbersome and confusing, let us help you move on with confidence and clarity.
12 Financial Tips To Consider When Filing For Divorce:
- Organize & Make Copies of Your Records. Including personal/business taxes, business records, account statements from investments, pay stubs, life insurance, annuities, credit card statements, stock certificates, etc.
- Establish a Team of Experts On Your Side.
- Devise a New Budget Based on New Incomes/Expenses.
- Monitor Credit Report & Credit Applications.
- Close Joint Accounts & Lines of Credit.
- Open New Accounts In Your Own Name. This may include establishing a line of credit in your own name to build/rebuild personal credit.
- Hold Off On Major Financial Decisions.
- Estimate Your Worth and “Must Haves” For Settlement.
- Asses Liabilities & Marital Debt.
- Update Beneficiaries and Estate Plan. Including Power of Attorney & Health Record Forms.
- Analyze Insurance Needs: Health, Auto, Property, etc.
- Keep a Running List of Financial Questions.