By SJS Investment Services Associate Advisor Catherine Stanley.
You didn’t begin your married relationship thinking it will end in divorce. But life and people are imperfect, and if you find yourself facing a divorce, you know that significant changes are impending. Not the least of these changes is your financial situation. Fear of the unknown and uncertainty about outcomes can cause anxiety, and even take a physical toll.
During this emotional time, it is important for you to acknowledge the magnitude of this life transition, recognize that you don’t have to have all the answers now, and leave space to take care of yourself. Finding the support of qualified legal and financial advisors is an important step to take. At SJS, we are here to make this difficult time manageable for you and help you navigate to a life of new opportunity.
The divorce process requires couples to make decisions about dividing the property that was acquired during the marriage. State laws govern divorce, and each state has different laws that determine how property is divided. In addition, there may be consideration of whether one partner will provide child and / or spousal support, and how much. When dividing resources, it’s important to consider your full financial picture so you understand what is available to you. This includes a thoughtful consideration of the division of retirement assets, even if retirement seems a long way off. Tax implications and timing regarding division of the assets involved can have an important impact on your long-term financial health.
We understand this transition, and will support your well-being, financial and otherwise. Some topics you should consider include:
The most tax-efficient way to split assets, including a home, investments, and deferred compensation plans such as a pension, 401(k), or other type of retirement plan.
Consideration of all retirement plans from current and previous employment.
A possible new home purchase, and resources available to accomplish this.
Caring for children as a single parent, and resources available to accomplish this.
How and when to file taxes separately, and tax projections with a change in filing status.
Understanding spousal and child support, and any tax implications.
Eligibility for future Social Security spousal benefits, and how remarriage may impact eligibility.
Estate planning strategies so that transfer of assets remain with children, even in the event of remarriage.
Creating an appropriate asset allocation according to your personal risk tolerance, and designing a cost effective portfolio to support your goals.
Many of these considerations and decisions, if uninformed, can be costly and may not be reversible. We can help you understand the future impact of the financial decisions you are considering today so that you can make the best choices to support your new future.
Your direction and path of life has changed significantly. At SJS, we are here to be your trusted advisor and to accompany you as your personal and financial journey evolves.
For more information on how SJS Investment Services works with people going through divorce, please click on the below image.
Important Disclosure Information:
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Hyperlinks to third-party information are provided as a convenience and we disclaim any responsibility for information, services or products found on websites or other information linked hereto.
Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice. This material has been prepared for informational purposes only.
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