Divorcée
Divorce on the brain? well lived wealth can help
Divorce is a season of life like disability, job loss and death. While emotional and a time to grieve, it is also a time to think about your financial future.
You are about to go through what could possibly be the largest financial transaction of your life. Words like asset and liability are about to be tossed around you, and it would benefit you to know what they mean. This is your future at stake.
The role of the CDFA is to assist the client and his/her lawyer and tax professional (CPA) to understand how the financial decisions he/she makes today will impact the client’s financial future.
How We help
Divorce lawyers focus on the questions such as custody of children, property division per law and issues related to parental rights. They are not necessarily financial experts and may not be trained in tax issues, projecting inflation and rates of return, which a tax professional would help with, while financial planning, education funding, insurance needs and estate planning strategies is where Well Lived Wealth comes in. That’s where working as a team of professionals, a CDFA comes in. Their role as an investment advisor is to help educate and protect their client’s financial future through financial planning platforms and software.
It can also be helpful to create a timeline of major events during marriage, click the image to read our article “Love Story with a Twist”. You will also need documents pertaining to the following:
- Date of marriage
- Employment
- Children
- Moves
- Debt acquired
- Changes in behavior
- Debt acquired
Next Step
Make an appointment with Molly by clicking here. By gathering all important financial information, you’re already preparing for a journey into your future.
You may need a new outfit to get you motivated for this journey. During my own divorce, I remember feeling so down. A new outfit was the last thing on my mind. Thankfully, I had an amazing girlfriend who dragged me to a boutique and forced me to try on new clothes. I didn’t even care how I looked, but she knew something I didn’t -- that one day soon I would care how I looked, and that when you look good, you feel good.
With the information you bring to your first meeting, I use a tool called an Asset Map that will be created to visualize your entire financial picture so that you can think of how your assets will be divided up, how much child support you may receive or pay, make sure that you know what you both own, among other things. Your attorney will be so impressed by your organization and preparedness!
When it comes to the new journey you’re about to embark on, organizing your checklist of documents beforehand can be crucial to making it less painful, time consuming, and expensive.