Divorce Wealth Advice
"Ideally, if you’re about to split up, you should find your own financial planner before even calling a lawyer."-Melissa Montgomery-Fitzsimmons (February 16, 2016) Why Your Divorce Lawyer Can't Protect Your Finances, Money.com
Regrettably, many people seek financial advice only after the divorce, once things have already gone awry. It’s an easy mistake to make. Divorce is a stressful and overwhelming life event. As divorce wealth advisors, we are an integral part of your team. We’re not lawyers, but we understand, as a practical matter, how the law intersects with our clients’ finances. We’re not forensic accountants because we are forward-thinking when it comes to our clients’ financial well-being. We look at the past, but focus on the future. Whereas many financial planners are NOT trained to deal with difficult interpersonal issues, we have years of experience navigating very complex situations. We will train and coach you, not just in financial analysis, but also in honing your discovery, negotiation and communication skills.
Divorce wealth planning is a specialized service that combines financial analysis, strategic planning, and decision coaching within the unique complications and added emotions of a divorce. We’ll help formulate creative options, provide financial analysis, and develop the strategies necessary to help you make rational and informed decisions with the goal of achieving the most advantageous and timely financial settlement possible and the security of a smooth transition post-divorce.
One Common Example In Discovery:
Even though Texas is a 50/50 community property state, some spouses find it is very difficult determining the total valuation size of your combined assets (assuming the other party is forthcoming) and their distribution is often not as simple as it sounds when there is a combination of asset types (ie., properties (household & rental), furnishings, jewelry, multiple investment accounts, closely held companies) with varying degrees of liquid and illiquid values.
So if you are considering or have already made the decision to divorce or are facing divorce proceedings because your spouse has stated their intention to end the marriage, you might be wondering what steps you should take to get through this difficult process as quickly and amicably as you can:
Top 4 Steps to Take
While many people think litigation is the only option in divorce proceedings, there are many process options that can be tailored to your family's needs. Mediation, collaborative law, and outside of court attorney negotiation are all more flexible options than court.
This is not the time to teach your spouse a lesson about his/her wrongdoings or, a time to make your point! There is no need to keep score since this is a process where there may be more casualties than winners. Take a step back and gain perspective on where you want to be and how you want to see yourself after all is said and done.
Whether you are in the beginning stages of a divorce or somewhere in the middle, reaching out to and surrounding yourself with a professional and personal “divorce support system” aids in the logistical, legal, and emotional decisions of a divorce.
As lonely as it may feel at times, it is important to remember that you are not alone. Recognize that there are sources of divorce support that you can leverage to help you sort through the menagerie of feelings you’re experiencing and learn how to deal with them in a healthy and constructive way.
As part of your new aligned support system, Harbor Wealth Management provides a 90 minute complimentary consultation to better understand your situation, offer proper direction and provide additional references to help you through what is hoped to be a peaceful and amicable divorce.
Contact us today to schedule your complimentary session at: