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Wealth Control Advisors, LLC
60 William Street, Suite 200
Wellesley, MA 02481
781-235-8891 MA telephone
781-235-8890 private fax
866-235-8991 outside Mass.
10781 Waterford Place
West Palm Beach, FL 33412
561-691-1380 FL telephone
info@wealthcontrol.com
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Divorce Assets
How do you deal with the division of assets in your divorce? Wealth Control Advisors, LLC. Located just outside of Boston, Massachusetts collaborates with your divorce attorney, tax attorney, and/or CPA to develop an integrated, comprehensive plan to help you understand your risks and options. For more information, contact us online or call us at 781-235-8891 to schedule an appointment at our Wellesley, MA office or at our new West Palm Beach, FL office.
Along with the emotional trauma associated with divorce, come the financial issues. However, how can you obtain the data so that you and your attorney can make informed decisions, especially in areas of insurance and investments? Some of the questions we help you evaluate as part of our Divorce Asset Audit are:
- When dividing assets, have you considered the taxation on the ultimate distribution, such as retirement plans, IRAs, etc?
- Would naming your children as beneficiary be a better long-term tax deferral of your IRA, and have a greater long term benefit than to transfer these assets to your ex-spouse?
- Will your life policies survive as long as you do and have you audited them to insure that they are still performing as you expect? Will they provide the financial protection to the correct beneficiaries?
- Will the life policies on your spouse survive as long as your ex-spouse does or will changing the ownership or irrevocable beneficiary change, either add a financial burden to you, or not provide the protection intended?
- Have you considered making an irrevocable beneficiary change on your life insurance plans and not transfer the policy?
- Would buying a new life policy be smarter than transferring an old one?
- If you do transfer an old life insurance plan to your former spouse, and he/she later cashes it in, could your children have to provide the financial support this policy was intended to provide? How can you prevent this problem?
- Have you assessed whether or not your personal disability income insurance provides enough after tax income to support all of the required child support, alimony or other mandated expenses, and still provide for your own needs after divorce?
- Do you and your current family have a financial plan if you get sick and live a very long time, as well as where you will receive care, and how that care will be funded?
- What can you do to protect your children from spending their own money to pay for your or your ex-spouse’s care or provide some or all of that care themselves? What can you do to help protect their job security, family status, or financial welfare?
- Why should you change your will/trusts, health care proxy, and durable powers of attorney even before your divorce is finalized?
More information is available about our Auditing Services, or you can read about our comprehensive Tailored Services. Alternatively, read our Case Study 4: Divorce.
To learn more about our auditing services, call us at 781-235-8891 or email us.
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