Shepherd Financial Partners | RetirementWomen Planning
Shepherd Financial Partners is an independent, full-service financial and wealth management practice. Our goal is to provide you with superior, comprehensive financial and wealth management services in the context of a personal, long-term commitment.
Shepherd Financial Partners is an independent, full-service financial and wealth management practice. Our goal is to provide you with superior, comprehensive financial and wealth management services in the context of a personal, long-term commitment.
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Retirement
Women Planning

About This Project

When it’s time to divorce, spouses have important choices to make about how to proceed and what type of help they’ll ask for from others — including lawyers, mediators, and other professionals. Some people will go on to a lengthy high-conflict divorce with attorneys representing each side, trying to get everything they possibly can. Others will easily agree on how to divide their property and share custody of their children, and might only need help in preparing the legal paperwork to get divorced. But many people fall in the middle, and for those folks, mediation and collaborative divorce can be great options.

Determine where you stand right now

  • A Comprehensive Financial Plan is a helpful tool in determining your current financial position
  • Develop a net worth statement that shows all your assets and all your liabilities

Review your income sources and develop a budget

  • Summarize your income and expense figures for the past couple of years and gather two previous years tax returns
  • Organize past 6 – 12 months bank statements for primary checking account
  • Determine fixed expenses: mortgage, real estate taxes, insurance, loans
  • Detail discretionary expenses: groceries, dining out, household supplies, personal care, clothing
  • Consider future expenses: savings for college tuition, retirement
  • Determine how much it costs to run your household for one month
  • How do you envision your lifestyle going forward?

Protect yourself, your family and your property

  • Engage an attorney
  • Explore all strategies for controlling the high cost of divorce
  • Review life insurance policies and the intended beneficiaries
  • Determine appropriate amount of life insurance to provide support for you and your children and to fund certain future expenses, like education
  • Are there any special health issues or needs for either spouses or children?
  • Review existing long term disability policies
  • Review any existing trusts for children or properties
  • Any possibility for future inheritances?
  • Did you bring any property or assets into the marriage?
  • Align estate plan with current circumstances
  • Certain tax consequences may present themselves during the divorce process

Create a strategy for your long term future

  • Envision what your future looks like after divorce
  • Assess major expenses going forward like college tuition, retirement and long term care
  • Develop a plan with emphasis on retirement security, including specific actions and time frames

Stephen's Label for now

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Date
Category
Personal