T’is the season…
“Divorce filings are a third higher than normal in January, according to the American Academy of Matrimonial Lawyers.”
The New Year brings hope to many, including those looking to exit a relationship. Unfortunately, the hope of new beginnings doesn’t always pair well with reality. According to a survey, “Two-thirds of married individuals have no financial plan in place for a divorce.” This is unfortunate, considering the financial and legal implications of divorce or separation.
The following article titled “January Splits Leave Divorced Couples in Need of Financial Planning” provides some insight and helpful tips to plan ahead for such a life event:
1. Be organized when sending documents to your attorney
2. Know your finances
3. Turn to your accountant or CPA for help
4. Defer to your accountant or tax attorney for help in understanding any tax implications
Amicable or not, divorce is hard. Those attempting to file for divorce should seek sound advice from professionals who are well-equipped to guide them through the process. From legal counsel to financial advisors, CPAs and real estate agents, divorce professionals can help!
Be informed. Members of the NADP thrive on divorce-centered education and professional resources to help those in need.