Here are a few suggestions on what you should be asking your financial advisor or banker when going through a separation.
• Can you provide us with a list of accounts (joint and individual) we have, both assets and liabilities?
• Can you help us determine the tax implications of dividing our assets and how it will impact our financial situation?
• Can you explain the impact of the separation on our credit score and how it can be protected?
• How can we remove each other from joint accounts and what are the necessary steps we need to take?
• Can you help us understand the potential impact of the separation on our investments, including stocks, mutual funds, and retirement accounts?
• What are the options for refinancing any joint loans or mortgages we have?
• How can we ensure that our child support or spousal support payments are paid automatically and on time?
• How can we set up a budget to manage our expenses and ensure we can both maintain our lifestyle after the separation?
• Can you help us understand the long-term financial implications of the separation, including the impact on our retirement savings?
• Are there any other financial considerations we should be aware of during the separation process?
Book a FREE, 30-minute, joint, online consultation with Positive Solutions Divorce Services to learn more about the mediation process and how we can support you through your separation.
