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Divorce Financial Planning

| December 04, 2017
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Divorce Financial Planning

If you're ever in the unfortunate situation of a divorce, it's important to know how you can take care of yourself, your finances, and your future.

Here are some things to watch out for when planning ahead.

Hire a competent financial adviser right away

While the popular consciousness has already seized upon the notion of a hiring a good lawyer, many are unaware of just how important hiring a separate financial adviser is.

A great lawyer may be able to get you what you want in a divorce, but you might be surprised to find out the true value of the asset. A common example of this is fighting hard to keep the house - only to find that it was a poor financial investment.

Watch out for your credit

If you're a stay at home spouse, payments that were previously paid for by your spouse might have ended up on your shoulders. It's important to check your credit rating, find out what new debts belong to you, and establish your own line of credit.

Close your joint accounts and open your own.

Find out the worth of your assets and liabilities

Simply, find out how much money you're worth. What property have you and your spouse accrued? What is the actual value of each asset?

Make sure you find out the real value of an asset - not just its price, but any liabilities that may have been associated with it.

Take care of your tax situation

Getting a divorce complicates taxes. Find out what may have changed so that you don't find yourself paying more than you need to come April.

If you're in the situation of a divorce, there are many common pitfalls to watch out for.

Take care of yourself and stay informed. Call the Blisk Financial Group today for more information.

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