What are the financial considerations in a divorce? What should you do first? In this interview with Jill Barnett Kaufman, MSW, LCSW, a divorce coach and therapist in New Jersey, Jay Furst discusses several key financial issues you should consider when going through a divorce.
People often do not think of the financial implications of getting a divorce. Divorces are complex and deal with both financial and non-financial issues. When going through a divorce, not only is your personal life going to change, but your financial life will inevitably change as well. One of the first steps you should take when getting divorced is taking an inventory of your current assets and liabilities. It’s important for you to understand both where these assets/liabilities are located as well as how they are titled. This will go a long way towards helping you understand the complexity of your financial situation and how things might change for you individually as opposed to as a couple.
When your divorce is finalized, your financial life will inevitably change. Your needs and goals will look much different after your divorce which will impact many aspects of your finances. Things such as your current spending, needs from your portfolio, and cash flow and income situation will likely change. Engaging with a financial advisor early in the divorce process can help you better understand your income and spending needs going forward. A good financial advisor can also take you through how your goals, financial plan, and investment portfolio will need to be adjusted to match your new financial situation.
If you are going through a divorce and would like help evaluating your current balance sheet and goals, as well as how these things will change after your divorce is finalized, please contact us today.
You can view our full interview with Jill Barnett Kaufman on our YouTube Channel (and don’t forget to subscribe for more insights).