Jamie S. Siegal, CPA, CDFA®, Financial Divorce Solutions
Divorcing is an emotional time in your life when you must make many important decisions and you may not always think clearly to make these decisions. Here are some tips on what to do for your finances and personal self.
- Prepare a budget and a financial plan to sustain you until your divorce is final. Get help if you do not currently have the skills and energy to do this on your own. A CDFA® (Certified Divorce Financial Analyst) can help you put this together and set up a system to use so you can be independent and in charge of your new life.
- Review monthly bank and financial statements and make electronic copies for your attorney and financial professional. Become familiar with what you have been spending money on, what money has been coming in and whether things look reasonable. This will help you understand what your future expenses may look like once there are separate households.
- Review all tax returns that have been filed jointly or separately by your spouse. Become familiar with what has been filed. You will likely need to file a tax return going forward and will need know some filing basics.
- Make sure all tax returns have been filed and taxes have been paid to date with no outstanding liabilities. This will avoid any surprises with tax bills showing up that you were not aware of or a possible tax credit that your ex-spouse may try to keep.
- Review and document the contents of any safe-deposit boxes. You may have forgotten family heirlooms or important documents that were put away for safe keeping.
- Get emotional support for yourself. Talk to friends, join a support group, or see a therapist.
- Obtain a copy of your credit report to identify any joint accounts you and your spouse have and to make sure that all the information looks accurate.
- Do not make large purchases or create additional debt that might later cause financial hardship.
- Do not quit your job unless necessary. Speak to your attorney about this.
- Do not move out of the house before consulting your attorney.
- Do not transfer or give away assets that are owned jointly.
- Do not sign a blank financial statement or any other document without reviewing it with your attorney.
Certified Divorce Financial Analyst (CDFA) in Maryland
Jamie’s practice is limited to divorce financial consulting. She helps her clients take the emotions out of the financial decisions they need to make to have a better life after divorce. She acts as a mediator, financial neutral and an advocate. For more information contact us today.