Conclusion: Comprehensive Divorce Financial Planning
When finalizing a divorce, it is possible to procrastinate or forget to initiate some of these transfers amid all the other changes happening in your life. However, it is important that these matters get addressed and that changes are made as quickly as possible, since delaying could jeopardize these assets.
Once the transfers are complete, it is a worthwhile exercise to also review the beneficiaries on all the applicable accounts. This can be coordinated with your estate attorney or RTWM Wealth Advisor to ensure your estate plan wishes will be carried out as desired.
Splitting retirement accounts during a divorce is important, however, there may be many other financial planning considerations to review during a divorce. Cash flow analysis, estate planning, asset allocation and income tax planning is also critical. Working with a Certified Divorce Financial Analyst (CDFA®) is crucial to avoid pitfalls during this process. Be sure to make the necessary inquiries and consult with a Round Table Wealth Advisor to identify any planning opportunities that may arise from your divorce.