Together with a UBS Financial Advisor, you can develop or revisit your financial plan to fit your new lifestyle. We can help you clarify your goals and put you in a position to pursue them. This checklist can help guide you during your divorce.
Before the divorce: Your UBS Financial Advisor and legal advisor can work with you throughout the process, even before you begin proceedings.
- Gather all of your financial information in one place so it is easily accessible.
- List your assets and liabilities.
- Outline your spending patterns and income streams
- Include items like insurance policies, college plans, and existing retirement or estate plans
- Prioritize your personal financial needs and goals with your UBS Financial Advisor, given your new financial situation.
During the Divorce: Ask yourself, what will you need to maintain your lifestyle? What are your cash flow and income projections so that you can feel confident in your financial decisions.
- Develop a budget and savings plan. Include monthly costs such as:
- Real Estate/Mortgages/Taxes
- Review beneficiaries for life insurance policies, annuities, and retirement accounts with your legal advisors.
- Speak to your legal advisor about updating your will to reflect your new wishes.
After the divorce: Your UBS Financial Advisor can help you address your financial plan and overall investment portfolio in light of new realities, and help you put in place a strategy that can help you with short-term and long-term needs.
- Personal assets: Speak to your legal advisor about removing your former spouse’s name or adding your name to personal assets based on the terms of the divorce decree or property settlement agreement.
- Consider updating guardianship arrangements if you have minor children. Review other important legal documentation, including wills, healthcare directives, and Powers of Attorney with your legal advisor.
- Consider updating or reviewing beneficiaries, including life insurance, annuities, retirement accounts, and transfer on death accounts.
- In your financial plan, be sure to address any of the following considerations as required by your divorce decree:
- Child support
- Maintenance of health insurance
- Maintenance of life insurance
- Provision of housing
- College education
- Discuss strategies for saving for retirement with your UBS Financial Advisor.
- If you are changing back to your maiden name, speak with your legal advisor about how to start the process.
- Speak to your legal advisor to find out if you are entitled to additional Social Security benefits based on your former spouse’s earnings.
- Be mindful of your credit rating and outstanding debts on joint accounts.
- Check past years’ tax returns, and be mindful of taxable investments—your tax advisor or CPA can provide further guidance.
Neither UBS Financial Services Inc. nor any of its employees provide tax or legal advice. You should consult with your personal tax or legal advisor regarding your personal circumstances.
As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus.
© UBS 2018. All rights reserved. The key symbol and UBS are among the registered and unregistered trademarks of UBS. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC. 2018-33551