You\u2019re contemplating one of the biggest decisions of your life. It will affect where you live, your lifestyle, your relationships, and the very quality of your life. Ironically, it\u2019s the bookend to the decision that preceded it some time ago \u2026 the decision to get married. You\u2019re thinking about divorcing your spouse.<\/p>\n
You probably didn\u2019t get financial advice when you decided to get married. But now the stakes are different. You and your spouse own things together. You may have children together. Perhaps you\u2019ve been out of the workforce, and you\u2019re uncertain about how you\u2019ll support yourself after a divorce. <\/p>\n
You really need financial advice, and the best time to get it is before you make the move to divorce. There are financial advisors who specialize in helping people like you. They carry the Certified Divorce Financial Analyst\u00ae<\/sup> credential. What can a CDFA\u00ae<\/sup> do for you? When you think about parting ways with your partner, one of the first things you probably think about is where you\u2019ll live. Shelter is a basic human need and, along with food and clothing, we\u2019re wired to make sure we have it.<\/p>\n You may be inclined to stay in your current home. That\u2019s a natural desire. But is it the right decision? Can you afford to stay in that house? Would it be better to buy a smaller house? Would it be better to rent for a while?<\/p>\n A CDFA\u00ae<\/sup> can help you think about your housing options and make the decision that\u2019s best for you. Many people find the process of developing a spending plan based on income and expenses unappealing. But it can be liberating. It may be the first time you\u2018ve really taken control of your income and spending.<\/p>\n A CDFA\u00ae<\/sup> can help you identify your sources of income, and your expenses, and manage them in a way that allows you to live a comfortable lifestyle today and ensures your long-term financial security. There are many risks in life. When you buy insurance you transfer some or all of a risk to a company.<\/p>\n What will you do for health insurance after your divorce? If you work after the divorce, will you need disability insurance? If your ex-spouse will provide most of your household\u2019s income, like through spousal support, will you need to have life insurance on him (or her) to protect that income?<\/p>\n What about insurance on your property, like your home, auto, and other valuables?<\/p>\n A CDFA\u00ae<\/sup> can help you evaluate your need for various kinds of insurance, and work with your insurance agents (or refer you to them) to help you manage your risks. Divorce has many tax consequences. If you receive support\/alimony after your divorce, it won\u2019t be taxable income for you. If you have children and receive child support, it also won\u2019t be taxed. <\/p>\n Did you know that an IRA, a Roth IRA and an HSA all have very different tax profiles?<\/p>\n It\u2019s generally not possible to take distributions from retirement accounts before age 59 \u00bd without paying both income tax and an early withdrawal penalty. However, under the tax code, there is a way to avoid the penalty on certain withdrawals.<\/p>\n A CDFA\u00ae<\/sup> can help you understand the tax characteristics of the things that you and your spouse own, and show how taxes affect their value. When you divorce, you and your spouse will divide your assets (and liabilities). Can you identify all your assets? Do you know how your assets are titled? Do you know what they\u2019re worth? <\/p>\n A CDFA\u00ae<\/sup> can help you develop an inventory of assets and help you think about how to divide the assets you and your spouse own together (and separately). Divorce can be stressful. Sadly, it usually is. <\/p>\n A CDFA\u00ae<\/sup> can guide you through the financial aspects of your divorce. You\u2019ll have a financial expert on your side who will be looking out for your best interests.<\/p>\n A CDFA\u00ae<\/sup> can bring you peace of mind. If you\u2019re unsure about the financial aspects of divorce, consider working with a Certified Divorce Financial Analyst<\/strong><\/a> (CDFA\u00ae<\/sup>), Certified Financial Planner<\/strong><\/a>\u2122 (CFP\u00ae<\/sup>), or Certified Public Accountant (CPA) with the Personal Financial Specialist (PFS\u2122) credential. Advisors who hold these designations had to meet rigorous educational, experience and ethics requirements.<\/p>\n <\/br><\/p>\n You\u2019re contemplating one of the biggest decisions of your life. It will affect where you live, your lifestyle, your relationships, and the very quality of your life. Ironically, it\u2019s the bookend to the decision that preceded it some time ago \u2026 the decision to get married. You\u2019re thinking about divorcing your spouse. You probably didn\u2019t […]<\/p>\n","protected":false},"author":2,"featured_media":8573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_mi_skip_tracking":false,"footnotes":""},"categories":[150,3,11],"tags":[29,49,66,83,107,140],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/springwaterwealth.com\/wp-json\/wp\/v2\/posts\/8571"}],"collection":[{"href":"https:\/\/springwaterwealth.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/springwaterwealth.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/springwaterwealth.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/springwaterwealth.com\/wp-json\/wp\/v2\/comments?post=8571"}],"version-history":[{"count":9,"href":"https:\/\/springwaterwealth.com\/wp-json\/wp\/v2\/posts\/8571\/revisions"}],"predecessor-version":[{"id":8581,"href":"https:\/\/springwaterwealth.com\/wp-json\/wp\/v2\/posts\/8571\/revisions\/8581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/springwaterwealth.com\/wp-json\/wp\/v2\/media\/8573"}],"wp:attachment":[{"href":"https:\/\/springwaterwealth.com\/wp-json\/wp\/v2\/media?parent=8571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/springwaterwealth.com\/wp-json\/wp\/v2\/categories?post=8571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/springwaterwealth.com\/wp-json\/wp\/v2\/tags?post=8571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/br><\/p>\nWhere Will I Live?<\/strong><\/h2>\n
\n<\/br><\/p>\nHow Much Can I Spend?<\/strong><\/h2>\n
\n<\/br><\/p>\nDo I Have the Right Insurance?<\/strong><\/h2>\n
\n<\/br><\/p>\nHow Will My Taxes Change?<\/strong><\/h2>\n
\n<\/br><\/p>\nWhat Assets Will I Have?<\/strong><\/h2>\n
\n<\/br><\/p>\nPeace of Mind<\/strong><\/h2>\n
\n<\/br><\/p>\nGetting Help From an Advisor<\/strong><\/h2>\n
Contact us today to learn how a Certified Divorce Financial Analyst\u00ae<\/sup> professional can help you successfully navigate a divorce and plan for a secure financial future.<\/strong><\/a><\/span><\/h2>\n","protected":false},"excerpt":{"rendered":"