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Why Completing A Lifestyle Analysis Is Important In Divorce Cases

| August 13, 2017
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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.

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