When facing a divorce, Clerestory Advisors can certainly make a stressful time a bit easier. We take the time to understand your concerns and the family dynamic. We work at a pace that is comfortable for you knowing this transition is an emotionally difficult time. We will guide you through the divorce process and your transition into a new, independent life.
Planning needs during and after divorce may include:
- Help guide the development of your detailed lifestyle budget.
- Help set up new checking and savings accounts.
- Create a process to pay for expenses and to fund your budget needs.
- Explain the differences in how IRAs, 401k accounts and defined benefit pension plans can be split during the divorce. Help split these accounts after the divorce.
- Update all beneficiary designations
- Develop a detailed plan to save for your retirement needs.
- Discuss the financial and emotional issues of housing alternatives.
- Assist with the transition to new housing.
- Plan how itemized deductions are allocated in the year of divorce.
- Develop a pro forma estimate of current year taxes due.
- Determine how best to pay estimated federal and state income taxes due.
- Help you find a tax preparer.
- Ensure your name is removed from all marital debt, including the marital mortgage.
- Work with an estate attorney to update Wills, Trusts, Health Care Directives and General Power of Attorney documents.
- Review adequacy of life, home and auto, and health/disability insurance coverage.
- Identify possible capital gains tax exposure when splitting accounts during the divorce process.
- Develop and implement a proposed investment plan to fit your retirement needs and risk tolerance.
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