“How do I prevent financial ruin because of my divorce?”
Consult trusted advisors such as your lawyer, accountant, tax advisor, investment consultant, or financial advisor, for information and assistance in carrying out the following steps:
List all assets singly and jointly owned, as well as all debts. Consider how Florida’s property laws are likely to affect the division of each item of property.
Review recent tax returns to determine what after-tax income you can expect from your own job and what contribution your spouse can reasonably be expected to make. Calculate what part of any support payment might go for taxes.
Prepare a budget to determine how much you will need for living expenses.
Review your financial plan with your financial advisor; reassess your goals, resources, asset allocation, and investment portfolio in light of your changed situation. For example, you may need to make new plans for paying down your mortgage or other debt, funding your children’s education, and preparing for your retirement.
Mace B. Tamse is a Certified Divorce Financial Analyst practicing with Morgan Stanley in Boca Raton, FL. He is a highly trained financial professional whose clients have access to Morgan Stanley’s award-winning equity research, world-class investment banking, and asset-management capabilities.