How to Financially Prepare for Divorce
Latrice Knighton is an award-winning divorce attorney, life coach, and speaker. She solves problems using her experience and legal knowledge to offer practical advice.
Every one of us wants a solid financial future.
This rule applies whether you are going through a divorce or not.
A solid financial future requires that you understand how much you need to live comfortably and how much you need to save — for some of us that requires us to get some help understanding money and planning for the future. This can be important information when looking at the length of the case and how much you will need to move on.
I interview Ann Massaro of DiDonato, Massaro & Associates so you know how a certified financial planner can help you in a divorce, and financial tips for those going through a divorce.
Ann, what is the focus of your practice as a certified financial planner?
Our focus is to help our clients simplify their lives. We also give them peace of mind. We help build – and manage wealth. We use a wide variety of resources help clients achieve their goals and aspirations. We empower our clients to make good decisions. We are here to help you live the life you've earned.
What is the best financial advice you can give divorcees?
You need to examine your entire financial life when going through a divorce.
What do you suggest divorcees do?
- Find out how your accounts are titled and determine if they need to be updated.
- Locate passwords and reset them if necessary.
- Determine who the beneficiaries are on life insurance policies and find out if you will need additional insurance.
- Find out if you will be receiving a lump-sum payout at the end of the divorce or will you have to divide retirement accounts.
- Discovery if there are any tax consequences from any support you receive.
- Determine who will cover the children on their health insurance.
- Figure out if you are able to keep or share your tax return (depending on timing of the divorce).
- Remember to review the contents of a safety deposit box.
- Update your will (or trust) and powers of attorney.
How does the work you and your partner at your firm DiDonato, Massaro & Associates differ than the work of other financial advisors?
We stand out by offering our clients custom portfolios. The portfolios have been analyzed for risk/reward tradeoffs based on your risk tolerance. We do not simply stick you in a model and let it ride.
The majority of our clients are managed in an asset based fee discretionary account. In a discretionary account we can make opportunistic changes to the account in a timely fashion. Traditional brokers need to call you before they place each trade. Additionally we can utilize block trading which ensures that every account gets the same price and clients benefit from better pricing when we trade more shares in a single transaction.
Ann, are you willing to sit down with clients to understand what assets they have or help them starting planning for the future?
Yes, we can look over the financial documents you have or talk about a list of documents you need to compile. We can also help you create a savings plan moving forward.
Great. How can clients contact you?
Ann Massaro, CFP®, APMA®
DiDonato, Massaro & Associates
Ameriprise Financial Services, Inc.
16650 W Bluemound Rd Ste 800
Brookfield, WI 53005
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