CONNECT

Address:

Towers of Kenwood-East
8044 Montgomery Rd. Suite 450
Cincinnati, OH 45236

Phone:

513-745-7007,800-225-6647

Fax/Other:

513-745-9708

Getting Divorced

Divorce Financial Planning

Planning in the event of a divorce is critical for both parties.  We counsel you to prepare not only financially for the end of the marriage but also support you with compassion and understanding of the emotional aspects of divorce.   Careful planning can help to create a path to clarity and vision for the future.

If you are considering divorce, it's vital to plan for the dissolution of the financial partnership in your marriage. This means dividing the financial assets and liabilities you have accumulated during the years of marriage. Further, if children are involved, the future support given to the custodial parent must be planned for.

The time taken to prepare and plan for eventualities will pay off later on. Here are some steps towards that end.

Making an inventory of your financial situation will help you to prepare in two ways:

  1. It will provide you with preliminary information for an eventual division of the property.
  2. It will help you to plan how the debts incurred in the marriage are to be paid off. (Although the best way of dealing with joint debt, such as credit card debt, is to get it all paid off before the divorce, often this is not possible. Having a list of your debts will help you to come to some agreement as to how they will be paid off.)

First, make a list of all of your assets, joint or separate, including:

  • The current balance in all bank accounts
  • The value of any brokerage accounts
  • The value of investments, including any IRAs
  • Your residence(s)
  • Your autos
  • Your valuable antiques, jewelry, luxury items, collections, and furnishings

Next, make sure you have copies of the past two or three years' tax returns. These will come in handy later.

Make sure you know the exact amounts of salary and other income earned by both yourself and your spouse.

Find any papers relating to insurance-life, health, auto, and homeowner's, as well as pension and other retirement benefits.

Next, list all debts you both owe, separately or jointly. Include auto loans, mortgage, credit card debt, and any other liabilities.

Planning Tip:If you are a spouse who has not worked outside the home lately, be sure to open a separate bank account in your own name and apply for a credit card in your own name. This will help you to establish credit after the divorce.

Please contact us for a checklist on planning for divorce.  

 

Coping with the loss of your loved one

Coping with the loss of a close friend or family member may be one of the hardest challenges that many of us face. When we lose a spouse, sibling or parent our grief can be particularly intense. Loss is understood as a natural part of life, but we can still be overcome by shock and confusion.. The sadness typically diminishes in intensity as time passes, but grieving is an important process in order to overcome these feelings and continue to embrace the time you had with your loved one.

Everyone reacts differently to death and employs personal coping mechanisms for grief. Research shows that most people can recover from loss on their own through the passage of time.  It helps to have the support of family and friends and to be engaged in a variety of activities which might include work, family and gatherings with friends.

Human beings are naturally resilient, considering most of us can endure loss and then continue on with our own lives.  Yet it is important to recognize that sadness is a normal part of coping with grief. 

There is much to be gained from having a close and trusted financial advisor to provide a helping hand in moving through the sometimes confusing financial matters that follow the loss of a loved one.  At such an emotional time,  we can bring immediate comfort and clarity to the steps to be taken to restore confidence and provide for a solid foundation for moving on to the future.  This is what we do.  We are here to help. 

Please see our checklist under “Coping with Death” and other resources listed under estate planning.  Call on us to help you move forward.