Protecting Your Assets
If you have significant assets, wealth management in your divorce may be a top priority. There is no more critical a time in your financial lives than divorce. Many people wonder whether you really can manage your wealth in a divorce. Is there anything you can do to preserve your assets while you get divorced? In many cases, the opposite happens; assets are lost in the battle.
Consult and Plan Accordingly
Smart wealth management is possible in divorce. You may need guidance on specific issues. I recommend my clients who have significant assets consult with a divorce financial planner. They should do this before they create a separation agreement and sit down and draft a QDRO for the retirement plans. If you take this route, sit down with your spouse and try to reach an agreement over your financial matters that best serves you both. Your financial planner can help you fine-tune your agreement, so it maximizes protection of your assets during the divorce.
You may also want to work with a Massachusetts divorce mediator with experience handling financial mediations. Taking your divorce to court can be high-risk. Mediation allows you to retain the most control over your assets. Mediation also allows you flexibility. You can get a little creative in how you manage your assets in the divorce.
Negotiate, give and take, and work closely with your spouse on an agreement that works for you. Mediation is also much more confidential than divorce litigation. It keeps most of your personal information out of the court record. Many clients with significant assets choose mediation because of this reason.
Make sure you are planning for the present divorce settlement as well as your long-term financial health. Wealth management is all about securing the future of your wealth, not just the present division. Ask yourself if your agreement with your spouse will be beneficial long-term. Are you taking advantage of tax-free asset transfers and IRA rollovers? Have you equitably divided your assets and debts? Is your agreement on alimony fair and reasonable? Will you be handling your real estate wisely in the divorce? Working with a financial planner, your spouse, and a mediator on these issues will ensure full coverage wealth management during divorce.
If you have questions about wealth management in divorce, contact Mediation Advantage Services for expert help. Experienced in divorce mediation, Law Office of Polly Tatum can provide you the information and guidance needed to protect your assets during your divorce. Based in historic Worcester with a satellite office in Northboro, MA, our firm serves all cities and towns throughout Massachusetts and Worcester County including, Auburn, Paxton, Leicester, Sutton, Grafton, Shrewsbury, Westboro, Northboro, Southboro, Holden, Sterling, Princeton, Worcester, Charlton, Millbury, Dudley, Spencer, Brookfield, Sudbury, Natick, Framingham, Hopkinton, Milford, Blackstone, Leominster, Fitchburg, Acton, Jefferson, Barre, Oakham, Cambridge, Newton, Marlboro, Lancaster, Bolton, and Hudson. Call our office a (508) 466-4734 fill out our online form, or email us at [email protected] today to schedule your Complimentary Mediation Success Planning Session. You can also sign up for our eNewsletter or download our free e-book for more information regarding divorce in Massachusetts.