Alyssa Feldmeyer Miller, CDFA®, Financial Planning Specialist from Feldmeyer Financial Group answers:
Let’s look at the concerns about divorce that we hear the most.
- Can I stay in the house? We help you forecast your income and expenses. Based on the information you provide, we can show you how your income compares to your expenses. If you want to stay in the house, we can let you know if you can afford it.
- How much will this divorce cost? Your cost goes up the longer the divorce process takes. The more prepared you are, the faster things should go. We can help you organize your finances so that you are ready to make informed decisions and provide your attorney with powerful data to support your case.
- Am I going to get killed on taxes? Well….What are you agreeing to? What assets do you think you want? What is the cost basis? What is the taxable impact of selling the investment? With some investment accounts, there are special rules for people who are getting divorced. Does the strategy you are considering take advantage of these special rules? We teach our clients about the tax rules and help them develop a strategy to address the taxes involved when splitting a lifetime of savings.
- Is my spouse hiding money? We hear this quite often. After a thorough review of the data, if we think something is missing, we will talk with your legal counsel about getting a “lifestyle analysis”. If a lifestyle analysis is necessary we hire a forensic specialist to go through everything – every account, every transaction – everything.
- Will my lifestyle remain the same as it was when I was married? A better question may be, what lifestyle will I be able to afford? The answer is…it depends. We find out what lifestyle you can afford through the financial planning process, and we show you projections of your wealth, at different spending levels.
If you are saying things like…” I hope I’ll be O.K.” or “I’m afraid I won’t be able to keep the house”, you need our help.
We understand that dealing with the money may not be your favorite thing to do, but you must do it or get help. If you choose to seek help, contact our office for a complimentary initial consultation.
Alyssa Feldmeyer Miller, CDFA® is a Financial Planning Specialist from Feldmeyer Financial Group, a private wealth advisory practice of Ameriprise Financial Services, Inc. For more information, please visit the Feldmeyer Financial Group Divorce Magazine online profile.
The initial consultation provides an overview of ﬁnancial planning concepts. You will not receive written analysis and/or recommendations. Ameriprise Financial and its aﬃliates do not oﬀer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their speciﬁc situation. Investment advisory services and products are made available through Ameriprise Financial Services, Inc., a registered investment adviser. Ameriprise Financial cannot guarantee future ﬁnancial results. Certiﬁed Financial Planner Board of Standards Inc. owns the certiﬁcation marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP (with ﬂame design) in the U.S. The Compass is a trademark of Ameriprise Financial, Inc. Ameriprise Financial Services, Inc., Member FINRA and SIPC. © 2018 Ameriprise Financial, Inc. All rights reserved.