Planning Your Life Changes: Divorce

Financial planning isn’t just essential when it comes to marriage, but in times where divorce is the issue, both emotional and financial concerns are to be addressed. Along with your attorney, an Orlando financial planner can help you take hold of your financial future when you’re experiencing the burden of divorce. Though it’s not something any of us want to experience, financial planning during your divorce is crucial in protecting you and your assets.

Create a budget for your life after divorce. You certified Orlando financial planner can help answer your questions when you are now living on one source of income. It can be quite a big change when you no longer have someone else to help support you.

Understand how to file your taxes. It’s important to know whether you need to file your taxes jointly or separately during the last year of your marriage.

Do you and your spouse have children? Before the divorce is completed, it’s essential to think about how you will each help support your kids, and to get help documenting child support. There are many cases where child support goes unpaid. Will you be the one receiving support or sending it?

Figure out your insurance situation. Have you and your spouse had joint insurance under one of your employers? Whose health insurance will your children be under? Get help understanding how life and health insurance policies will be effected due to the divorce.

List your assets. Identify all of your combined assets and state which ones you want to keep and which ones you are willing to give up to your spouse. If you have joint assets, don’t give away or transfer them.

What happens to your home? Your attorney or Orlando financial planner can answer questions regarding many financial questions including what happens to your home in the settlement.

Complex financial decisions can arise at any time, especially when a big life change is in order. Your Orlando financial planner at Summit Wealth Partners can help you through tough financial while planning your financial goals following your divorce. If you have questions regarding your financial future and want to get started on a plan that gives you peace of mind, call us today at 866-977-2252 and schedule your consultation.