11 Jan BAM partner Kyle McFarlane quoted in an InsuranceNewsNet Article
The article, “January Splits Leave Divorced Couples in Need of Financial Planning,” looks at the phenomenon of many couples waiting until January to split up so as not to ruin the holidays for the family. Unfortunately, many of these couples go into a divorce with no financial plan in place.
In the article Kyle states that most Americans don’t plan for a divorce or child custody issues and she adds the following tips to save money during a divorce:
- Be organized when sending your attorney documents. The better organized they are, the less time your attorney should need to spend organizing them and preparing them for disclosure.
2. Know your finances. Learn more whenever you can. “So many times we represent one party who has absolutely no clue how the bills are paid, how much their spouse makes, where the paychecks go,” she said. “This makes it much more difficult to understand in a high-conflict situation.”
3. Utilize your accountant and/or CPA. Sometimes they can speak with your attorney directly to expedite the process.
4. Speak with your CPA or tax attorney about any tax implications. Your attorney can certainly notify you of general tax implications but they are not usually tax experts, McFarland said. The tax code is complicated and constantly changing. Good attorneys will flag areas for you to check with your CPA.
Read the article in full here.