Planswell - How to Manage Financial Separation During a Divorce?

Marriage is a constant effort of mutual understanding and respect for each other. But when the spark is dead for a long time, no marriage counseling can help. It is a very tough process to deal with emotionally and financially. 

Financial struggles during divorce are a practical issue that almost every couple deals with. Couples form a joint account in the flow of many emotional commitments. Therefore undoing the accounts of such two individuals can be tough work. 

However, managing divorce finances is not an easy job. This is because everyone has a different reason for divorce. There is a need for a proper expert’s consultation who can give the right guide for the situation of divorce. 

Planswell, a financial planning organization, suggests sorting out finances is the initial requirement of getting a divorce fund. Below are some tips to get a fair financial division in a divorce. 

Collect All the Documents

This is a process that takes a lot of time to proceed. Therefore, it is advised to prepare all the necessary documents in check. You can track a clear history of your financial health through various bank documentation. Your financial planner can do things confidentially even if you share an account with your spouse. 

Update Bank Accounts 

As stated earlier, many couples share a single bank account which only turns out to be a complication in their divorce process. If you feel like divorce is inevitable in your relationship, it is better to prepare in advance than later. 

Approach According to the Situation 

Understanding the approaches you need to take regarding financial division is necessary. Given the circumstances, you can settle with mediation or lawyer up the issue if coming to an understanding is becoming difficult. 


Why Choose Planswell

If you are looking for the right type of guide to get financial guidance in your divorce conflict, Planswell can help. We are a group of professionals with years of experience in financial planning. Therefore we can help you sort all financial issues the right way.



 


Comments

Post a Comment

Popular posts from this blog

What Should You Know About Planswell Reviews?

Image
Planswell was established in 2016 by its CEO, Eric Arnold, in Canada. Planswell has reduced their staff from its peak of around 40 people. The deal for Eric Arnold and his partners to repurchase the company was finalized in late 2019. During the first part of 2020, they relaunched with fewer than ten workers. Planswell is a new player in the Canadian financial planning market, and it came up with a strategy that sets it apart from its competitors. Its web programme is its key selling feature because it allows investors to complete a brief survey and receive a free financial plan. Here are Planswell Reviews you should know. Advisors for Planswell After the relaunch, Planswell made significant adjustments to its business model. Planswell used to do much of its work in-house if you signed up with one of its advisors.  Hundreds of advisors from a wide variety of firms across Canada are working with Planswell as partners. Planswell's advisors are independent contractors, so you'll
Read more

Planswell - Everything you Need to Know About Goal-Based Planning

Image
As we grow, we realize that money needs to be hard-earned. We also start to acknowledge the importance of planning. Goal-based planning is a concept of personal financial planning that helps set financial goals for different stages of life. Be it saving up for buying a house, your child’s higher education and marriage, or even your retirement fund.  These are all matters that will require saving, planning, and investments, which is why goal-based planning acts as a financial foundation for your life that waits ahead.  Why is Goal-Based planning important? Living a happy life is not a linear approach which is why your financial goals should not be linear too. You cannot fulfill all your requirement with a single saving. Thus, Planswell , an online financial advisor company, suggests that you will need to save in a smart way that can cover your child’s education, fulfill your dreams like buying a car or a house,  and at the same time help you save up good for your retirement days. Goal-b
Read more

5 Mistakes You Might be Making With your Finances

Image
  Are you familiar with the wise person who once said that money is not the secret to an individual's happiness? Despite that, you cannot deny the role financial planning can play in your life. Moreover, if you have just started earning, it is necessary to plan your financial activities from that moment. The experts of Planswell often guide their clients with the right measures. However, you also need to know the most common mistakes you might make accidentally. So, let's dedicate this blog to learning about the same, shall we? No Financial Planning  Thinking that you have enough time is one of the common mistakes people make with major decisions. The mistake and impact are the same in financial matters, as many young adults think they have enough time to plan. And then, all they do is SPLURGE! You must divide your income in a 5:3:2 ratio, spend 50 percent of it on essentials, 30 percent on your entertainment, and the remaining 20% on savings.  See investment and insurance as
Read more