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In this 20 minute video, Divorce Prep Coach and founder of The Divorce Planner Alex Beattie and had a eye-opening conversation with certified divorce financial planner and wealth management specialist Josephti Cruz of The Wealth Garden Financial Services about about uncovering hidden assets during divorce.
Divorce is a journey that many navigate with a slew of questions about what the future holds. It's a period marked by change, discovery, and, importantly, the division of assets. Understandably, the concern about ensuring a fair division is a common thread in many of our conversations.
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The Reality of Hidden Assets
Josephti Cruz shared with us that, unfortunately, it's not uncommon for spouses to discover that their partner has tried to hide assets during the divorce process. While the thought itself can feel betraying and overwhelming, understanding why and how this happens can empower you to navigate these challenges more effectively.
Common Ways Assets Are Hidden
According to Cruz, assets can be hidden in several ways:
Delaying Bonuses or Promotions: Sometimes, a spouse might request their employer to delay bonuses, salary hikes, or promotions until after the divorce settlement.
Creating Fake Debt: Paying friends or creating fake invoices to make it look like money is owed, which can then be recollected after the divorce.
Overpaying the IRS: By overpaying taxes, a spouse can aim for a sizeable refund after the divorce is finalized.
Physical Assets: Buying expensive items that are easy to overlook or undervalue during divorce proceedings, such as art or collectibles.
Be Proactive in Tracking Assets
Being vigilant and proactive is key long before the divorce papers are filed. Here are practical steps you can start with:
Monitor Bank and Credit Card Statements: Look for unfamiliar transactions or purchases that don't make sense.
Review Tax Returns: They can provide a comprehensive view of income, investments, and interests.
Keep an Inventory of Valuables: Be aware of all physical assets owned together.
LEVEL UP: Take the ultimate step in being proactive and invest in your future by taking action today! Start by gathering all of your essential documents and statements, logging your assets and their value, and getting granular about your monthly income and expenses ASAP. The Divorce Planner's digital and printable worksheets, logs, and spreadsheets and Divorce Prep Course take the guesswork out of what to do so you have everything in hand necessary for a divorce attorney, mediator or financial planner to get right to work! Empower yourself with these tools today and get the out come you want from your divorce.
Turning Expert Advice into Action
Divorce Prep Coach Alex Beattie suggests engaging with a professional financial advisor early on.
"Starting with a clear picture of your financial situation is empowering and essential for navigating your divorce with confidence," Beattie notes.
This step can make a significant difference in achieving a fair settlement.
Cruz and Beattie both stress the importance of transparency in financial matters and encourage those going through a divorce to seek support from legal and financial professionals who understand the intricacies of divorce proceedings.
You’re Not Alone
Remember, feeling anxious about the financial aspect of divorce is entirely normal. Yet, with the right support and information, you can face these challenges head-on and move toward a future filled with new beginnings and opportunities. At The Divorce Planner, we're here to provide that support, equipping you with the knowledge you need and assuring you that you're prepared for all aspects of your divorce, from financial planning to document organization to understanding your divorce goals and priorities and how to negotiate with confidence and get the outcome you want.
Remember, your strength lies in your ability to face these challenges informed and prepared. For more guidance and support, check out The Divorce Planner's coaching program for personalized preparation and advice tailored to your unique situation.
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