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Columns | Go Far With Kovar

Navigating Divorce and Dollars

by Taylor Kovar

March 21, 2023

Hi Taylor - My wife and I have decided to go our separate ways, and I'm worried about how this will impact my financial situation. How can I navigate through this challenging time while protecting my financial future? - Danny

Hi Danny
- I'm sorry to hear about your situation. Divorce can be a complex process, and it's important to be proactive in managing your finances to ensure a smoother transition. Here are some steps to help you navigate the financial aspects of your divorce:

1. Gather financial records: Begin by collecting all relevant financial documents, such as bank statements, tax returns, investment accounts, and property records. This will give you a clear picture of your current financial situation and help you make informed decisions. Pro tip: scan these and keep them electronically!

2. Assess and divide assets:
Determine the value of your shared assets, including real estate, investments, and retirement accounts. Work with your spouse and a mediator, if necessary, to divide these assets fairly and in accordance with your state's laws.

3. Manage joint debt:
If you have joint debt, like a mortgage or credit card debt, it's important to address how this will be handled. Ideally, you should pay off joint debts before the divorce is finalized. If this isn't possible, work with your spouse to create a plan for paying off the debt that ensures everyone is held accountable.

4. Revise your budget: Your financial situation will likely change after the divorce, so it's important to create a new budget that reflects your new reality. Factor in changes to income, expenses, and any alimony or child support payments you may be responsible for.

5. Update beneficiaries and insurance policies: Don't forget to update your beneficiaries on your life insurance policies, retirement accounts, and any other relevant accounts. Additionally, review your insurance coverage to ensure it's still adequate for your needs post-divorce.

6. Consider tax implications: Divorce can have significant tax implications, particularly in relation to alimony, child support, and asset transfers. Consult a tax professional to understand these implications and to help you plan accordingly.

7. Reevaluate your financial goals:
Take the time to reassess your financial goals and create a new plan to achieve them. This may involve saving for retirement, building an emergency fund, or investing in your future.

8. Seek professional help: A certified financial planner can help you navigate the complexities of your financial situation during a divorce. Additionally, consider consulting a marriage and family therapist to help you cope with the emotional challenges that accompany the end of a marriage.

Remember, while divorce can be a difficult and emotional process, it's essential to prioritize your financial well-being to ensure a stable future for yourself and your loved ones. With careful planning and support, you can navigate this transition and emerge stronger and more financially secure.

Taylor Kovar

"Go Far With Kovar" March 21, 2023 Column


Legal Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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