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Frazier Allen: Dealing with Divorce
These questions may lead to difficult conversations, but they’re worth having, no matter how overwhelming the prospect of life on your own may be. The answers will help you better navigate the legal, financial and emotional issues to come. Start by building a team that will see you through the emotional aspects and keep your best interests top of mind. Consult your financial advisorYour financial advisor is available to work with your team of professional advisors to help protect your interests. He or she can provide invaluable guidance when it comes to getting organized, estimating spousal and child support needs and sorting out the future value of retirement assets. Find a shoulder to lean onDivorce involves loss, uncertainty and upheaval – even when it’s something you both want. It’s best to have someone you trust to talk things out. Gather important documentsWhen you consult a lawyer or a financial professional, bring the documents they’ll need to help you assess your situation.
Money MattersSure, relationships aren’t all about money. But too many allow the emotional aspects to overwhelm the practical ones. Instead, approach and address these important topics in an objective manner. Create cash flowLiquidity can be essential as you think about hiring a lawyer, moving out, etc. Make sure you’ll have enough cash to cover your expenses throughout the process. Develop a budgetList your current income and expenses, then work with your financial advisor to develop a spending plan until the divorce is final and get an estimate of what your post-divorce income may look like. Be vigilant about your creditIf you don’t already have one, open a credit card in your own name and use it wisely. Keep tabs on your credit score, too. Preparing YourselfDuring negotiations, compromise and civility are key; however, don’t agree to anything without first considering the long-term implications. Approach negotiations with the right frame of mindSeek a fair and equitable settlement. Your financial advisor can help you determine which assets are the most valuable to you and help you avoid settling for less. Divide assetsEven short marriages accumulate quite a bit of joint assets. It’s important to identify those that should be part of a fair and equitable distribution. Divide the businessA jointly owned business can be a sticking point in a divorce. Ideally, you’ll already have a tentative plan in place that separates the personal from the professional and ensures the continuity of the business. Be smart about housingExperts caution against automatically choosing the house over other assets. Determine whether you can afford its current and future costs, including insurance and property taxes. Deal with debtCome to an agreement about who will pay the mortgage and other ongoing bills until proceedings are final. Stay current on all bills to keep from damaging your credit. Know your retirement optionsYou may have a right to a portion of your spouse’s pension benefits, retirement assets, company stock options and other types of deferred compensation. Read up on Social SecurityIf you’ve been married at least 10 years, you could be eligible to receive half your spouse’s benefits. Visit ssa.gov for more information. Planning Your FutureTaking the time to plan for your new life can help make the transition much smoother and ensure that divorce does not derail your financial plan. Get a handle on your finances post-divorceIt’s time to reassess your investments and financial plan to ensure it’s aligned with your new goals. Your financial advisor can help with budgeting, cash flow, financial goals and making the most of your settlement. Establish your new identityIf you submitted a name change request with your divorce petition, make it official. Once complete, don’t forget to notify your employer, Social Security Administration and the Department of Motor Vehicles. Standing On Your OwnIt can be difficult to picture what life will be like after a divorce, but your financial advisor can help you see the possibilities more clearly and help you make decisions that align with your goals. Next Steps
Sources: Janus Henderson Investors; Fidelity; Raymond James research Material created by Raymond James for use by its advisors. The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Raymond James is not affiliated with any other entity listed herein. © 2018 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. © 2018 Raymond James Financial Services, Inc., member FINRA/SIPC. Investment products are: Not deposits, not FDIC/NCUA insured, not insured by any government agency, not bank guaranteed, subject to risk and may lose value. Material prepared by Raymond James for use by its advisors. Raymond James is not affiliated with any companies mentioned in this material. About Frazier Allen
Frazier Allen, WMS, CRPS, Financial Advisor with F&M Bank Web Site: http://www.raymondjames.com/frazierallen
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