retirement saving

Protect Your Assets, Get Financial Advice from a Financial Planner

By James Fletcher 7 April, 2023 3 mins read

When getting a divorce, you will need to protect your assets and get financial advice from a financial planner. You have many options to make the process less stressful. For instance, you can protect your assets by getting a safe deposit box or hiring a divorce mortgage advisor. For a more accurate picture of the assets and income of your spouse, you can consult a forensic accounting. It's also a good idea for your spouse to consult a therapist in order to offer emotional support during divorce proceedings.

A financial planner can help you with money and divorce advice

A smart financial decision is to consult a financial advisor during a divorce. A financial planner can help plan for the future as well as manage your finances and establish savings accounts. They can also help you determine who should receive what if your spouse passes away. Financial advisers are also available to help you plan your budget and determine the beneficiaries of any estates.

Protect assets

It is vital to safeguard your assets during a divorce. Divorce is an emotional time and can have a significant financial impact on your children and the future. It's crucial to understand your assets and where they are located, as well as who has access to them. It can be time-consuming to compile a list of all your financial assets and keep track of where they are.

Negotiate with your ex partner

You should consider your financial goals and needs when you negotiate a divorce settlement. This requires creating a postdivorce financial budget and convincingly arguing for alimony. A post-divorce budget will help you visualize your future and give you a clear view of your needs. This will help you convince your ex-spouse or partner to accept your request for alimony.

Get a safe deposit box

You should keep important documents and valuables in a safe place. Whether you have a marriage contract or an appraisal of your house, it is best to store important papers in a safe deposit box. This safe deposit box is ideal to store household inventory as well appraisals and insurance policies. A safe deposit box should be used for military records. This type of box has the best advantage that you are the only one who can access it. This makes it the most secure place to keep your papers and important documents.

Resolve your debts after a divorce

Divorce decrees usually contain provisions that address debts. These provisions can help you save time, anxiety, money, and even pay your attorney's fees. Courts will also honor prenuptial arrangements.

Protect Social Security

Financial planners can help you to protect your Social Security during a divorce. Separation from your spouse in financial matters can cause anxiety and make it difficult to navigate. Review your financial situation in order to make sure you're on the right track. Keep copies of all your financial records. This includes tax returns, investment account statements and stock information.

After a divorce: Organize financial records

One of the most important things to do when you are facing divorce is to organize all your financial records. Particularly, you need to collect all financial records that date back at least 5 years. This will allow for you to understand how much money is available and what your current financial situation looks like. Your tax returns and brokerage statements should be included in the information you gather. It's important to include all data about your marital relationship. It is important to keep the information you have gathered in a safe deposit container.

FAQ

What is wealth management?

Wealth Management can be described as the management of money for individuals or families. It covers all aspects of financial planning including investment, insurance, tax and estate planning, retirement planning, protection, liquidity and risk management.

How does Wealth Management work?

Wealth Management is where you work with someone who will help you set goals and allocate resources to track your progress towards achieving them.

In addition to helping you achieve your goals, wealth managers help you plan for the future, so you don't get caught by unexpected events.

These can help you avoid costly mistakes.

What age should I begin wealth management?

Wealth Management can be best started when you're young enough not to feel overwhelmed by reality but still able to reap the benefits.

The earlier you start investing, the more you will make in your lifetime.

If you want to have children, then it might be worth considering starting earlier.

You could find yourself living off savings for your whole life if it is too late in life.

Statistics

If you are working with a private firm owned by an advisor, any advisory fees (generally around 1%) would go to the advisor. (nerdwallet.com)
According to Indeed, the average salary for a wealth manager in the United States in 2022 was $79,395.6 (investopedia.com)
According to a 2017 study, the average rate of return for real estate over a roughly 150-year period was around eight percent. (fortunebuilders.com)
As of 2020, it is estimated that the wealth management industry had an AUM of upwards of $112 trillion globally. (investopedia.com)