Planning your divorce in advance is not always possible, but when it is, you should consider timing to maximize your goals.
Interestingly, even though financial markets tanked beginning in March 2020 as the pandemic’s effects became more widespread, many financial markets have been gaining strength, especially recently.
When financial times are bad, spouses sometimes are not able to immediately separate and divorce, simply because of the lack of employment, reduction of the value of assets, and the inability to obtain a second residence.
It is beyond true that operating two separate households is almost always more expensive than operating one. With the pandemic, thousands of future divorcing couples are forced to remain together, for now.
This becomes the best time to productively plan for an orderly separation and divorce for each of you.
How should that process start? A free consultation with an experienced divorce attorney is a good first step. An initial phone/video consultation will enable you to learn more about your finances and will enable your divorce attorney to provide you with a blueprint for moving forward:
- Will you need a real estate broker and mortgage consultant?
- Will you need a wealth management expert?
- Will you need a business valuation specialist?
There are many possibilities depending on your personal situation, but there is no time like the present to prepare for the future.
Spouses often say they cannot afford the separation and divorce process, but divorce attorneys can help them locate the resources for them to move forward with their lives.
With volatile financial markets, you and your spouse will need to identify what amount of your assets are in stocks, bonds, and more. You should identify which of those investments are in non-retirement accounts (which could be in joint or individual names) as opposed to retirement accounts (which are only in individual names). Retirement accounts cannot be separated until you divorce, but if the other spouse is going to be receiving a portion of those accounts, he or she has a vested interest in determining how those accounts will be invested until divorce.
Divorce is complex. Separating finances is complex. The pandemic and volatile financial markets make financial separation even more complex. Knowledge is important. Having a legal partner who understands all of the potential variables to give you the best advice is paramount.
SIEGELLAW can help you. Call 410-792-2300 or fill out the form on this page to request additional information.