Couples who once played well together are faced with a monumental task when they discover the relationship has been dealt a bad hand. The financial impact can be devastating and life becomes a house of cards. Spouses must carefully plan how the relationship ends in order to protect their financial future because in divorce, there are no “do-overs.”
SFP is prepared to help you create a strategy to play your cards. We work with couples, individuals and attorneys in analyzing the financial complexities to create an outcome that each spouse feels is fair. Most financial advisors, accountants and attorneys excel in their field but have little or no training specifically related to the financial issues of divorce.
Some common mistakes are:
- Negotiating to keep a home when one may not afford it
- Not understanding tax consequences of investment and property sales; retirement accounts; and spousal support
- Not looking at a long-term impact of a settlement
- Not understanding how to divide debt