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Life transitions

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: 

Cash Flow

  • 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.

Retirement

  • 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.

Housing

  • Discuss the financial and emotional issues of housing alternatives.
  • Assist with the transition to new housing.

Tax planning 

  • 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.

Debt

  • Ensure your name is removed from all marital debt, including the marital mortgage.

Estate plan

  • Work with an estate attorney to update Wills, Trusts, Health Care Directives and General Power of Attorney documents.

Insurance

  • Review adequacy of life, home and auto, and health/disability insurance coverage.

Investments

  • 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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