Support through Divorce

Ensure you have legal representation to protect your interests.

Consult a financial advisor specializing in divorce to help consider options in dividing and managing assets and debts.

Know what assets are subject to division.

Ensure accurate valuations of property, retirement accounts, investments, and businesses.

Understand how retirement accounts will be divided (considering QDROs).

Create a realistic budget for post-divorce life, considering changes in income and expenses.

Decide whether to keep or sell the family home.

Assess your current and future income sources.

Consider the impact of employment status changes and potential need for job training or education.

Understand how debts will be divided and ensure all debts are accounted for.

Monitor and maintain your credit score.

Ensure continued health insurance coverage for you and your children.

Update beneficiaries and consider new policies if needed.

Understand changes to your tax filing status.

Be aware of the tax implications of alimony (now non-deductible by the payer and non-taxable to the recipient) and child support.

Plan for child support payments or receipts.

Consider future education costs for your children.

Ensure your estate planning documents reflect your new situation.

Update beneficiary designations on retirement accounts, insurance policies, and other accounts.

Seek emotional support through therapy or support groups.

Be aware of the emotional impact of financial stress and seek help if needed.

Reevaluate your retirement plan and adjust as needed.

Develop a new investment strategy that aligns with your goals and risk tolerance.

Maintain detailed records of all financial transactions, agreements, and legal documents.

Compile copies of tax returns, bank and investment statements, insurance policies, and property records early in the process.