InSight

Divorce Playbook: Avoiding Financial Victimhood

Financial Planning Dentist

The most common mistake person going through a divorce can make, is being uninformed about their joint finances before agreeing to divorce. If your spouse has always handled all of the financial decisions in your household; you may find don’t have any information about you and your spouse’s income and assets your spouse will have an unfair advantage over you when it comes time to settle the financial issues in your divorce.

If you suspect your spouse is planning a divorce, get as much information as you can now. This means you should make copies of important financial records such as account statements (eg., savings, brokerage, and retirement), become hyper-aware of your budget and expenses, and all other data that relates to your marital lifestyle (eg., checking accounts, charge card statements, tax returns).

If you believe your spouse may liquidate (sell or transfer to cash) assets or retitle marital assets without your consent, notify the holder of the asset or property in writing and get a restraining order from the court. Watch out for any cash held in joint checking and brokerage accounts, and the cash value of life insurance policies. If your spouse uses or moves assets without your knowledge, you may have to hire legal and forensic accounting experts to help you locate and value the assets.

More related articles:

Articles
Kevin Taylor

Divorce Playbook: Remember inflation and accountant for it

It is important to remember that all goods and services inflate over time, but they don’t inflate at the same rate. Healthcare and Education have been, by far, the most inflationary elements of financial life for decades. The rising costs of education and healthcare are seemingly limitless. So, if your

Read More »

Account Types: 401(k)

The ‘Standard’ Employee Retirement Plan Annual Contribution Max: $19,500 or $26,000 if over 50 years old.  Why we like 401(k) plans: An easy option if you’re an employee Automatic Enrollment Can have Employer matching contributions High contribution limits for employees when compared to a Traditional IRA, Simple IRA or Roth

Read More »
boulder colorado risk management finacial planning
Articles
Kevin Taylor

Mastering Risk Management: Insurance – A Comprehensive Guide

Insurance is a crucial component of risk management, offering protection against unforeseen events that can have significant financial implications. In this blog post, we will explore best practices in life insurance, homeowners and property and casualty coverages, identify gaps in health insurance, and understand how insurable setbacks can impact your

Read More »

Pin It on Pinterest