How Do I Financially Plan During Divorce?

It’s the most wonderful time of the year (cue music, presents, twinkling stars, etc.), unless you and your spouse are working to get through the holidays while separated or in active divorce proceedings.

If that is the case, the juggling of emotions and paperwork can be challenging, as can attending events or revisiting finances, all while thinking about a future different than what you imagined on the day you said “I do”.

It may feel overwhelming and something to “just get finished”, but rushing through a divorce process is rarely the best financial step for either party. A caveat, if you or someone you know is in physical danger, please know that time is of the essence and there are many wonderful organizations that can provide assistance.

Divorce is not easy, emotionally or financially. Neither party will walk away with everything they want. As a financial advisor since 2006, I’ve seen a little bit of everything when it comes to divorce negotiations and divorce planning. Leaning into your financial team during a divorce can be one of the best decisions you make during the negotiation period.

FINANCIAL PLANNING DURING DIVORCE

Your financial advisory team will help you address near-term and long-term needs, along with more technical issues regarding asset splits and long-term taxation. But more importantly, your financial team can help you navigate the emotional aspect by laying out the “math” answer side-by-side with the “heart” answer.

This last part is something our team at Rather & Kittrell takes very seriously. Our goal is to understand what is most important to you. Is maintaining the home where you raised your children and have all of your most precious memories a top priority? Is retiring early a main goal? Are these financially possible given the negotiations? How do we craft a new long-term plan to help you reach these goals?

“Your life is a series of transitions” is something you’ll see anytime you find us online. We want to walk hand in hand with you through ALL transitions, happy, sad, challenging, or exciting. This is not just a saying, this is who we are at the core of our service to you. It is our hope that when December rolls around each year, you do put a big smile on your face and truly sing “It’s the most wonderful time of the year!”

Wishing you and yours a peaceful holiday season!

Amanda Howerton, CFP® , CDFA® is a Senior Advisor with Rather & Kittrell.