Divorce: Don’t Go It Alone
Divorce is a time of many changes and is seldom easy for anyone involved. Still, certain steps you can take now may make the process less stressful and help simplify your life when the divorce is finalized.
First things first – assembling a strong, experienced team of confidential professional and personal advisors can provide critical guidance and support, helping you make more informed decisions while you approach the future with greater confidence. Consider building a team that includes:
Your Own Lawyer
Yes, it is possible to get through a divorce without a lawyer, but usually it’s not wise. Your lawyer takes on the responsibility of safeguarding your best interests and can deal objectively and unemotionally with the many complex issues that typically arise. Plus, an experienced lawyer can help ensure that you take advantage of any benefit afforded to you during the divorce process.
Your Own Accountant
Your tax filing status changes significantly as the result of a divorce. An accountant can advise you on matters such as income and capital gains taxes — as well as any residual tax issues that may linger from your marriage.
Your Own Financial Advisor
You and your spouse may have worked with a financial advisor to help plan and manage assets during your marriage. Now you need a financial advisor who can focus solely on you and your needs and goals — on a completely confidential basis. Your financial advisor can help you understand the assets you own and your liquidity and cash flow issues, as well as strategies for reaching long-term objectives such as educating a child, funding your next business venture or planning for retirement.
Your Own Personal Counselor
Divorce is a legal, financial and emotional process. If you don’t feel comfortable discussing certain private matters with your financial or legal advisor, you might consider seeking a therapist, clergyperson or other personal counselor. Their help may become invaluable as they guide you through the very human side of divorce.
As you go separate ways remember you are now in charge. Work with a team that helps you keep your balance, while planning for short-term realities and long-term possibilities.
Deborah Tryon is a financial advisor with the Dewing-Tryon Group at Morgan Stanley in Palm Desert and can be reached at (760) 776.6227. CA license 0H8751.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters. The author(s) and/or publication are neither employees of nor affiliated with Morgan Stanley Smith Barney LLC (“Morgan Stanley”). By providing this third party publication, we are not implying an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by Morgan Stanley of any information contained in the publication.The opinions expressed by the authors are solely their own and do not necessarily reflect those of Morgan Stanley. The information and data in the article or publication has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Neither the information provided nor any opinion expressed constitutes a solicitation by Morgan Stanley with respect to the purchase or sale of any security, investment, strategy or product that may be mentioned. Article by Contently and provided courtesy of a Morgan Stanley Financial Advisor. Deborah Tryon may only transact business, follow-up with individualized responses, or render personalized investment advice for compensation, in states where she is registered or excluded or exempted from registration, © 2016 Morgan Stanley Smith Barney LLC. Member SIPC. CRC 1625359 10/16