Divorce can completely change the trajectory of your finances. You might feel concerned about your ability to protect the value of your investments.
Strategic, dignified actions throughout divorce proceedings may help you retain some control. Careful planning could help you minimize the impact of your split on the integrity of your investment portfolio.
Know your rights
Regardless of the reason for your divorce, you have rights. Knowing your rights can help you advocate for a fair settlement. If, up until this point in your relationship, your spouse has had the sole responsibility of managing investment accounts, make sure you get access to every account.
If you have concerns about your spouse concealing investments, carefully monitor activity. Document any movement within investment accounts. Refrain from moving money around. Such behavior could appear suspicious to the courts and could jeopardize your settlement. Collaborate with your legal team to learn about your rights and familiarize yourself with what a fair settlement looks like.
Realign your goals
With the change to your personal relationship, your financial goals may shift also. Realigning your goals can help you stay on track to reach your long-term financial aspirations. According to FINRA, use caution when preparing to sell assets, condense investments or move money around. Even though you may feel divorce is a good enough reason to make changes like this, failing to follow protocols could result in costly penalties.
Your divorce does not have to be the reason you relinquish your financial identity or the success of your investment endeavors. Your decision to advocate for your rights and proactively set new goals might help you maximize the protection of your portfolio during a volatile time.