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:

Investing 101
Articles
Peter Locke

Investing 101

If you’re lucky enough to have previously started investing in your teens consider yourself way ahead of the curve. For the majority of people Investing 101 is for you. Most of us start investing in our mid to late 20s, but for those that start as early as possible can

Read More »

The Crucial Role of Standard Deviation in Investment: Why It Matters

When it comes to making smart investment decisions, there are various factors to consider, such as potential returns, risk tolerance, and time horizon. However, one often overlooked but essential metric is the standard deviation. Standard deviation is a statistical measure that can provide valuable insights into the volatility and risk

Read More »

Pin It on Pinterest