Sudden Wealth Through Divorce

Sudden Wealth Through Divorce

February 07, 2020

Anytime we mention we are sudden wealth specialists, we always hear, “I can’t wait until I get my sudden wealth”… Well be careful what you wish for because sometimes sudden wealth can occur as the result of a traumatic life event like the death of a spouse or a divorce.  Remember that sudden wealth means you are suddenly personally responsible for more money than ever before.  

In many traditional marriages, one spouse is usually responsible for handling the finances.  Imagine what happens when you take that spouse out of the equation through a divorce?  In today’s day and age does this really happen?  I assure you it does.  It happens all the time to smart, educated, successful people and the challenge of taking on the sole responsibilities for your finances while adjusting to life possibly as a single parent can be a daunting task. 

If you are about to be divorced or in the early stages of divorce, what should you do first?

Develop YOUR financial team as soon as possible.  There is a tendency to wait until after the divorce is final and that is incorrect.   You most likely will need a CPA, an estate planning attorney, and a financial advisor.   Each of these professionals should be experienced with sudden wealth cases.  One of these professionals should act as your sudden wealth specialist, or someone who will take the responsibility for coordination of your team and overall financial health.  Think of that person like your general practitioner Doctor.

Our firm understands the financial and emotional challenges that Sudden Wealth through divorce brings.  Make sure you find a firm that also understands and is ready to help guide you through this difficult time.