Financial Planning For Divorced Women

For men, there can be a certain amount of fear attached to the experience of going through a divorce. Not only does it take an emotional toll on you, but with the division of assets and the responsibility of alimony and child support that are often associated with a divorce, you may be facing a stressful financial situation as well. At A.G. Campbell Advisory, a wealth management firm with offices in Baltimore, Maryland and Naples, Florida, we offer financial planning for divorced men to help them navigate this step in their life. So how can Financial Advisors help?

A financial advisor can help you review your lifestyle to gain a better understanding of what your financial situation is and what your goals should be before and after a divorce. They will also be able to identify critical financial assets that will help you get your fair share in a divorce such as:

  • The family home
  • Banking Accounts
  • Retirement Accounts
  • Jewelry – including wedding and engagement rings
  • Family Heirlooms 

Most importantly, a Financial Advisor should be able to help you with the following steps.

Helpful Tips for Financial Planning for Divorced Men

Gather and Assess Your Financial Situation

A Financial Advisor will work with you to help you reach the best possible settlement for your financial needs and future. When getting a divorce it is vital that you gather as much accurate and comprehensive information as possible. When in doubt ask your Financial Advisor what to do. In order to protect your financial position, you must disclose all information regarding your marital assets and liabilities. By doing so you will have a complete understanding of your finances and have the building blocks in place for your divorce financial planning strategy.

Budgeting and Cash Flow Analysis

Depending on which state you live in, not all assets will be divided 50-50. This is especially true for items such as your home, business ownership interests, and retirement accounts. A Financial Advisor will be able to help you understand the financial issues and tax implications of taking ownership of these various assets, and how they will impact your financial future.

Risk Management, Asset Protection, and Estate Planning

A part of financial planning for divorced men is making sure that you are going to be protected even when unforeseen events take place. Examples include the loss of alimony, or an ex-spouse passing away unexpectedly. A Financial Advisor will help put plans in place so that even if unforeseen circumstances arise you can still meet your new financial goals and objectives. They will also make sure that during your divorce that your wills and trusts are up to date and reflect your post-divorce desires.

Put Your Strategic Plan Into Action

Once your financial assets have been reviewed and communicated, your Financial Advisor will be able to help you put your strategic plan into action. Working with a financial professional during this period will provide you valuable support as you navigate towards financial stability after divorce.

How A.G. Campbell Advisory Can Help

We use our decades of industry experience to advise our clients in all areas of the financial planning process. We apply a strategic approach to financial planning where we address the full spectrum of planning needs, then develop a “road map” which is adapted as lifestyle needs change. This disciplined coordinated approach provides peace of mind to clients.