January 16, 2025
Allworth advisor Laurie Ingwersen, CFP®, CRPC®, CDFA®, CBC®, CEPA®, offers essential financial planning steps to help individuals protect their future and regain financial confidence during and after a divorce.
Divorce is one of life’s most challenging transitions, both emotionally and financially. While no one plans for this situation, taking thoughtful steps to protect your financial future can make all the difference as you navigate this difficult time.
As someone who’s seen the financial and emotional toll divorce can take, I understand how overwhelming it can feel. My goal is to help clients like you regain confidence and control by focusing on practical financial strategies that provide clarity and peace of mind. Let’s explore some essential steps to take when financial planning during a divorce.
The first step is understanding where you stand financially. Gather information about all of your assets, liabilities, income, and expenses. This includes:
Be thorough—it’s important to have a complete picture of your financial situation before you begin negotiating a settlement.
Divorce laws vary by state, and understanding how property is divided in your state is essential. In general, there are two main approaches:
Work closely with your attorney or financial advisor to understand how these laws apply to your situation.
Divorce often comes with complex tax considerations, and failing to plan for them can result in costly mistakes. Here are a few key areas to watch:
A financial advisor or CPA can help you navigate these details and minimize your tax burden.
Divorce can take a toll on your credit score if shared debts aren’t managed properly. Take steps to protect yourself by:
Clear communication with your ex-spouse and creditors can help avoid missed payments or misunderstandings.
Once your divorce is finalized, it’s time to adjust your financial plan to reflect your new reality. Some areas to revisit include:
You don’t have to navigate this process alone. A strong support team can make all the difference. Consider working with:
Your team can provide the expertise and guidance you need to feel confident and secure as you move forward.
Divorce is a difficult chapter, but it’s also an opportunity to build a new financial foundation. By taking proactive steps, staying informed, and leaning on trusted professionals, you can create a plan that supports your goals and protects your future.
If you’re navigating divorce and need guidance with your financial planning, I’m here to help. Let’s work together to create a plan that gives you clarity, confidence, and peace of mind for the next chapter of your life.
My father was a financial advisor who introduced me to the impact proactive planning can have on people’s lives at a very early age. At the same time, I also watched my mother struggle to make the right, forward-focused decisions after divorce—which ultimately led her to a life of financial insecurity. Forever moved by the sacrifices she made for us, I want to honor her by helping others avoid some of the mistakes she made. Now as a passionate financial professional myself, I strive to help others make sound financial decisions that expertly balance their priorities today and their future needs.
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