Divorce Planning
The impact of divorce could be overwhelming, not knowing the full impact of one’s financial security in the years to come. We can help by providing a comprehensive cash flow analysis to help you know what is needed in assets or income to achieve your goals.
Why Divorce/Separation Planning is Important
Unfortunately, divorces and separations often happen. While many do not expect (or hope for!) such an outcome, it’s always prudent to plan for it. Where such life-altering changes are undertaken without proper planning, additional stress and wrong decision-making follows.
And that’s where our Divorce (and Separation) Planning service can help.
What We Can Do for You
Here are some of the highlights of this service:
- Taking an asset inventory: When an intention/notice to divorce or separate is served (whether it’s as a result of your own initiative or initiated by your spouse/partner), we’ll help you make a full and verifiable inventory of all assets held in your and your spouses’/partners’ names. While this might seem like a relatively “straightforward” task, many find it one of the most challenging aspects of a divorce/separation – especially if they have largely been insulated from the day-to-day finances of the relationship.
- Dealing with pension benefits, health plan coverage and other benefits: Our team can help you make sense of other benefits that may accrue to you, or payable by you, as a result of your divorce/separation. Some of these might not be immediately apparent – but could have long-term impact on your or your partner/spouse’s financial life.
- Planning your future cash flow, income and spending: If you always played a minor role in managing finances during your relationship, it can be difficult handling them when you are divorced/separated. Let us help you create a new financial road-map for you.
- Settlement of debt: Even though you might not have full-say in the financial decisions during your association, you may be responsible for discharging the liabilities — like debt — arising from them in divorce. We’ll advise on the best way for you to deal with your share of such debt
- Insurance considerations: Even though couples might soon be divorced, there may be longer-term implications from existing insurance policies or plans that you/your spouse/partner need to be aware of.
- Dealing with tax implications of separation: It’s important to assess what the total net worth of your joint assets are, what considerations you could inherit as a result of sale/disposition, and what the tax impact might be. Our team can work with you and your tax advisor to help you see the tax impact of various options.
