Uncertainty, loss of control and the emotional roller coaster of life is difficult for anyone, but especially challenging for those going through a divorce. Every area of life is affected-emotionally, mentally, physically and financially.
It’s during this time, and always really, you need to count on people to have your back. Without my tribe, I wouldn’t have been able to get through my divorce, at least not without a permanent twitch!
At Vance Wealth, we advocate for our clients, helping them navigate towards clarity, confidence and a solid financial plan. Here’s our top 5 tips to help you through the journey of divorce:
- Have cash reserves-you’ve heard it before, cash is king (or queen) – cash gives you power, independence and choices.
- Be prepared. Gather all financial documents, including bank statements, assets, debts, credit card statements and any other financial statements. It wouldn’t be a bad idea to run a credit report for yourself. Make copies of everything for your records. Count all assets. Be sure to consider everything you’re entitled to.
- Consider tax consequences. Be mindful of liquidating assets too quickly or making investment moves without first speaking with your CPA or Financial Advisor. This could potentially be a costly mistake.
- Keep emotions in check. Sometimes this is easier said than done but remember the big picture. This is about securing your future and moving forward peacefully. Take care of you, so you’re ready and focused for what’s ahead.
- Plan your future. Thinking about a fresh start can help you move forward. Set new and exciting goals for yourself- financial, physical and emotional. Remember to reach out to your team for direction, if needed.
Vance Wealth is here for you, helping you every step of the way.
Disclosures: The information provided is for educational and informational purposes only and does not constitute advice. Vance Wealth does not provide tax or legal advice. You should contact your tax advisor and/or attorney before making any decisions with tax or legal implications.