Marshall & Taylor recognizes Sarah Privette who was elected to the Board of Directors of the Tenth Judicial District Bar Association and received the President’s Award.
There are many pitfalls facing people after a divorce. One of them is how to manage the money transfer of assets from their joint state pre-divorce to separate accounts. Even in a modest division of property, items may need to be sold and bank accounts transferred. You may not know what to do with large sums of money or transferred property. It can be easy to leave it in a savings account, but that may not be the best option for you and the rest of your family.
In today’s financial climate, you may want to take some of that money and prepare for your future, or your children’s future, instead of leaving it in the bank. In order to get a head start on this, you may want to think about consulting a divorce financial planner.
When it’s time to write up the divorce settlement agreement, you want to make sure you got your fair share. It can be tricky to be certain that things like pensions, insurance, and other less tangible forms of marital property were properly divided. Things like stock options and partnership benefits are even more ephemeral.
If you or your partner have this kind of property, your attorney may suggest bringing in a divorce financial planner. These professionals understand how marital property is divided and how investment accounts are meant to pay out over time. If you need to divide the payouts of stock dividends over a period of time, a divorce financial planner is the person to consult.
A financial planner can assist you in other ways during and after the divorce. Even the best household money manager is not prepared to suddenly divide their incomes and household expenses in two. A financial planner can give you insight into other financial divisions.
Once the divorce is over, you may wonder whether you still need a financial planner. You may also wonder if you need a different planner since this one was involved in your divorce and knows about your spouse’s finances as well as yours. There are some things to think about when deciding to retain or terminate your divorce financial planner.
Financial planning during and after a divorce is hard enough for professionals who are not involved in the process. You and your spouse have enough to concern you without having to wonder about what to do with your divided property and make future investments.
If you are considering divorce in North Carolina, contact the Raleigh divorce attorneys of Marshall & Taylor PLLC at (919) 833-1040 for a consultation. Call us. Our attorneys will be glad to discuss your options for property division. Let us help make your life easier.