When marriages dissolve it is necessary to split assets in an equitable way that minimizes costs and taxes. Review this checklist and see if you are prepared.
- Have you listed all assets, owned jointly and individually that can be sold including real estate, stocks and bonds, whole life insurance policies, and retirement savings accounts?
- Does one spouse have a substantial position in a company? If so, do you know how will it be affected?
- Have you updated the value of assets based on current market conditions?
- Do you know the cost and time it will take to sell assets?
- Do you know the tax implications of asset sales?
- Do you have an unbiased financial advisor to review your plan and help you execute it?
- Are you prepared to “go it alone”? Who is your new team for financial planning and management?
How prepared are you? If you answered “No” to any of these questions and you believe you need to split assets worth more than approximately $2 million, we can help.
Read “Money And Divorce: Six Costly Mistakes” WSJ (5-16-15)
Read Company Valuation Techniques in Dispute Resolution Lawyer: Company Valuation, by Chris Thorpe, CFA and David R. Hobbs
Questions? Ask us anything and we will give you some guidance regarding what further advice you may need as you take your next steps toward financial independence.