Dealing With The Financial Challenges Of Divorce
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DEALING WITH THE FINANCIAL CHALLENGES OF DIVORCE
After just going through a difficult divorce, a woman came to us on the recommendation of her father. she had limited knowledge of her finances and was concerned about the well-being of both herself and her children.
THE SITUATION
- 50 year old divorcee with 4 children
- Wanted to understand the financial ramifications of her divorce
- Unsure of how to handle the large amount of alimony and child support
- With no earned income, concerned about outliving her assets
OUR APPROACH
- Educated her on financial, estate and cash flow planning
- Drafted a net worth statement and comprehensive financial plan
- Recognized the need for advanced planning given the size of her estate and implemented more impactful charitable giving strategies
- Introduced her to an accountant for assistance with income tax planning and confirmed that her investments were aligned with her tax plan
SIGNIFICANT RESULTS
- Increased knowledge and confidence about finances and investments through ongoing review meetings
- Assets are now properly titled and invested according to her goals and aspirations
- Lowered anxiety about her financial well-being in the future
- Established team of trusted advisors working in her best interest
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