Peter Dazeley | ធនាគាររូបភាព | រូបភាពហ្គេតធី
When dealing with a divorce, it can be hard to focus on your future finances. However, it’s crucial to face up to them sooner rather than later.
“People often say ‘I just want out,’ but the reality is going to hit you later,” said certified financial planner Niv Persaud, managing director and certified divorce financial analyst with Transition Planning and Guidance in Atlanta.
Persaud finds that lower-earning spouses are frequently unaware of — and surprised by — the true costs of living. For example, if they want to keep the house, they often overlook expenses such as lawn care, roof replacement and property taxes.
Persaud developed a 10-point list to help clients become aware of what she calls “lifestyle costs.” (See list below.)
Another big misunderstanding is that people think they’ll get spousal support for the rest of their lives, but that’s not how the legal system works, according to Persaud.
Furthermore, she said, “every state and every county has different laws and a lot depends on the judge, so it’s important to use an attorney from your county.”
The average person also doesn’t understand that not all assets are created equal, said CFP Kristina Caragiulo, a certified divorce financial analyst and wealth manager with BDF in Chicago.
“For example, $10,000 in an [individual retirement account] or brokerage account is not the same as $10,000 in cash due to their different tax implications,” she said. “IRAs and brokerage accounts can trigger taxable gains.”
The role financial advisors play
- ការអប់រំ: Mott often answers basic questions about home equity, the components of a mortgage and how insurance works.
- Consolidating accounts: Advisors handle post-divorce transfer documentation and set accounts up properly (e.g., retirement vs. non-retirement).
- Pre- and post-divorce planning and investing: They work to meet your immediate and long-term goals.