A divorce can substantially affect your financial situation.  At Samra Wealth Management we will assist you in creating a dynamic financial plan as well as managing your assets and liabilities. It is common for one spouse to be responsible for household finances, so you may feel unprepared to make financial decisions as you dissolve your marriage.  

 

As a newly divorced person, you may need help and guidance related to opening a new investment account or more complicated matters such as setting up a trust.  At Samra Wealth Management, we will help to prepare you for your changing financial and tax situation.

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Pre-Divorce

 

At Samra Wealth Management we will help to navigate life events in ways that meet your needs and work with your legal and tax advisors to develop a comprehensive dynamic wealth management plan. Whether it is designing a prenuptial agreement, a divorce settlement, or a trust to provide for your family, we will work collaboratively with your other advisors to help you make informed decisions at the most important moments of your life.

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If you believe your marriage is ending, it is time to start preparing for the uneasy road ahead. Contact us today to learn more about what to expect. 

 

Managing Wealth During Separation

 

If you are distancing yourself from your spouse's financial advisor, or you feel lost when looking through your investments, a Dynamic Financial Plan specifically catered to your scenario and needs will help guide you to your personal and financial goals.  A Financial plan helps to answer the following:

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• Will your income see you through retirement or should you consider returning to work or moving to another city

• Who will care for you should you become sick or incapacitated

• Should you purchase a Life Insurance or Long-Term Care policy on your spouse.

• What happens now.

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After Your Divorce

 

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After a divorce, it is important to review your estate plan, an often neglected part of financial planning.   Your estate plan answers uncomfortable questions such as "What happens to my assets and my loved ones when I pass?" Things to consider:

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• Healthcare Proxy & Living Will - Is someone aware of your end of life decision, who will take care of your children and where will they live, who will take over your responsibilities as a caregiver to an elderly parent, and who have you entrusted with your family's financial affairs. 

• Beneficiary designations - Have you updated all of your accounts to reflect a new beneficiary.

• Investments awarded - If you have been awarded a 401(k) plan, or retirement investments.  Have you taken the right steps to ensure limited tax consequences.