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Divorce Financial Planning

A divorce can be devastating both emotionally and financially. According to research from Fidelity Investments, less than a third of divorcees have a divorce planning strategy in place. It can be even more difficult if you’ve never taken an active role in managing your family’s finances and investments.

Fortunately, expert divorce planning financial advice is here for you. A fee-only fiduciary financial advisor on the Wealthramp network can help you figure out what you’re entitled to — and responsible for — financially.

Here are just a few examples of divorce money matters many spouses don’t realize:

You may be entitled to a portion of contributions both you and your ex-spouse made to your 401(k) plans and IRAs during your marriage.
If you and your ex-spouse are over age 62, you may be entitled to some of your ex’s monthly Social Security income if your marriage lasted more than 10 years, and you’ve been divorced for at least two years.
Your ex-spouse cannot legally remove you as a primary beneficiary for their retirement accounts or insurance policies unless you formally consent to being removed.

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Key Divorce Planning Questions a Wealthramp Fee-Only Fiduciary Financial Advisor Can Answer:

How do I avoid paying taxes and penalties when assets are divided across my and my ex-spouse’s investments accounts?
How much of our marital debt am I responsible for?
How do I find assets that my ex-spouse may have “hidden” in accounts set up under their own name?
How can I protect myself from my ex-spouse’s future actions that could harm my (and my children’s) financial well-being?
How do I invest assets I’ve received in a settlement to generate the income I need right now while still saving for the future?

Divorce Planning Challenges

How a Fiduciary Financial Advisor on Wealthramp Can Help Address Your Divorce Planning Challenges

Working as your financial advocate, your Wealthramp financial advisor works directly for you. They’ll happily collaborate with your attorney, accountant or tax advisor to get your financial life in order after divorce, including:

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Managing your living expenses and paying off debts using the income from your job, child support, alimony and other sources

Investing money you receive from your spouse’s financial accounts to generate the income you need today and save for retirement or your children’s college education

Helping you establish and manage your own banking, investment and credit card accounts

Estimating your retirement expenses and income sources, including Social Security income you may receive from your ex-spouse

Providing you with the education and support you need to manage your finances with greater confidence

Protect your financial life

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The biggest money mistakes during a divorce

Going into the divorce with limited knowledge of how much you and your ex-spouse are worth

Not knowing where the individual and joint bank and investment accounts are located, and how they’re invested

Being unaware that you and your spouse may be responsible for debts accumulated as a couple or independently during your marriage

Underestimating increased expenses such as mortgage payments, taxes, or repairs and maintenance you’ll have to pay from property received as part of the settlement

Failing to create and stick to a comprehensive plan for managing personal finances and investments after their divorce is finalized

Signing a divorce decree before consulting a financial advisor with divorce planning expertise. This may cost your long-term financial consequences

Work with an expert to avoid these divorce planning mistakes

We won't sell your data. You decide which advisors to talk to. And you won't receive any pushy sales calls from Wealthramp.

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