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

Tax Mitigation Playbook: 1031 Exchange Pitfalls to Avoid

Excess Funds The identification period of a 1031 exchange refers to the first 45-days when a taxpayer identifies property they would like to acquire as a replacement to their relinquished property. It is common for a taxpayer to identify more than one potential replacement property, but only purchase one. If

Read More »
Boulder Financial Planning, Financial Expertise
Articles
Kevin Taylor

How to Invest in Opportunity Zones (and Why You Might Want To)

If you’ve just sold your business, sold a property, or made a fistful in Crypto—congrats! That’s a huge milestone. But now you’re staring down a different kind of challenge: capital gains taxes. What if there was a way to defer those taxes, grow your wealth tax-free, and reinvest in communities

Read More »
Articles
Peter Locke

How do the rich pay less in taxes than you?

A large number, if not the majority of our clients at InSight come to us looking for ways to mitigate their tax liability. While a CPA will find backward-looking ways to lower your tax liability, our clients are working to build a tax ecosystem that mitigates current and future instances

Read More »

Pin It on Pinterest