Years ago, many divorces were straightforward and quick, however in today’s fast-paced world, they can be more complicated due to social media, intertwined investments and parental rights.
An adequate settlement is vital to your financial future, and completing a Lifestyle Analysis can help you determine what you need.
According to Forbes, a Lifestyle Analysis is completed to learn more about the following areas of your life before separation:
- It pieces together your lifestyle while married
- Determines your standard of living while married
- It helps to uncover the following:
- You and your spouse’s expenditure amounts
- Daily expenses that were overlooked
- Uncovering any missing financial pieces, i.e., a spouse that has an offshore account that is unknown to the other spouse
- Financial considerations may include:
- Credit cards
- Cyclical and non-recurring expenses
- Financial statements
- Personal and business tax returns
- Recurring and regular expenses – i.e. clothes, housing, travel, and daily needs
- Any financial inconsistencies between you and your spouse
Taking a deep dive to complete a Lifestyle Analysis can be time-consuming and tedious, but when finished in a thorough manner, it can shed light on some hidden areas of your financial picture that can be critical during the divorce proceedings and help you receive a better monetary settlement.
Our highly skilled advisors at Marriage Financial Solutions will help you complete a Lifestyle Analysis and assist you in understanding its results.
After we have completed the analysis, our MFS team will compile a financial plan that can help you prepare for your lifestyle after the divorce is finalized.
Reach out to us today to see how we can help!
Note: This information is general in nature and should not be construed as legal/financial/tax advice. You should work with your attorney, financial, or tax professional to determine what will work best for your situation.