Scott and Jeff, Investment Advisor Representatives at Asset Management Resources, LLC, are both CDFAs (Certified Divorce Financial Analyst). In this episode, they share things to consider if you think you might be heading for divorce.

First, is to get organized. Make sure you have knowledge of all of your joint and single financial assets. Make copies of three months of bank statements, investment statements, and tax returns. If there are financial records that don't add up (e.g., high income spouse now not able to work, etc.), consider hiring a forensic accountant to do some research. Alimony and child support are not taxable or tax deductible, so consider that when developing a plan.

The biggest financial items affecting one's quality-of-life following divorce are court-ordered QDRO's (Qualified Domestic Relations Order), which indicate how 401(k)s and pensions will be divided. Housing is also a big financial consideration when divorcing.

If you are thinking about a divorce, Scott and Jeff encourage you to work with a divorce financial planner to develop a financial plan and a qualified divorce lawyer to develop a legal plan.

If you need help with your financial plan, contact us at (866) 771-8901. To learn more about Asset Management Resources, visit AMRfinancial.com.

Recorded August 10, 2023.