The world as we know it has gone through some very extreme changes in the past decade. We have seen many highs and lows. So, coming from this very grounded and sober perspective of riches there are some things to which we all relate: the joys of having children and spending time with loved ones, dreams coming true, falling in love, goal achievement, overcoming obstacles, sunrise and sunset, swimming in the ocean, a glass of wine with your feet up, and all the many blessing we count daily that make our lives rich in love, warmth, friends, good times, great feelings and the like. We can have all those things and live happily ever after, but that alone will not make us wealthy.

Wealth is a matter of accumulating money and valuable possessions in mass quantities. With this concept, the rich lifestyle described above may create a sense of contentment; however, to acquire wealth takes life changes.

We change because of the things we see, hear, read and surround ourselves with socially. Therefore, in order to upgrade your mind to think wealth one must create an environment that will feed the mind, improve skills and thereby increase assets. Wealth is built by the formulation of a system and it is sustained by the functionality and simplicity of the process not only to achieve wealth once, but to duplicate it repeatedly with ease. This is the creation of residual income, which is why the wealthy do not work with their hands or back, they build a system that will work for them and staff the system with the hands and backs that will continue making it work.

Now that you understand the thought process, are you ready to change what you see, hear, read and surround yourself with to acquire wealth. Without a mind change one cannot overcome the barriers preventing success.

For help in achieving your goals and the practical ways to overcome obstacles in your path contact Legacy Wealth Transitions for a FREE consultation.

Mitigate your losses

Some things cannot be resolved or pushed under the rug.  When faced with the inevitable break up of a relationship don’t bicker over small potatoes.  The cost of the dispute could disrupt your financial future worse than the great depression.  Mitigate your losses rather than hope for a financial recovery.  To achieve financial success find strategies that will create future income streams.  You cannot get back or change what you had that is now gone.  Accept it and focus your energy and time on tactical planning.  This is the effective and beneficial use of your time.  You need to get a tax perspective of your new life

When it’s over it’s over

Take a look at the marital home.  If there are no minor children living in the home sell or rent for the tax benefits.  Depending on the value a sell may create a loss and if it was used as an investment property the benefits can be immediate and carried forward.  If the home has equity, sell it take your share and contact your tax consult to offset the gain.  Retirement plans should be analyzed with consideration given to cost of living adjustments, outstanding loans, tax penalties for early withdrawal, possible buyout options and ultimate agreement on a fair share.  This can get sticky, but when you start to feel like you’re being cheated just remember: when it’s over it’s over and the sooner you make the decision you are one step closer to financial freedom and restful nights.  You may also want to consider the tens of thousands of dollars you are keeping by making swift financially responsible maneuvers.  Either way, it’s over and you may choose the long drawn out expensive door or the less costly simplified get more by taking less door.  Bear in mind, there is a tax solution to every financial problem.

Leave the house, write-off the tab and many more tips to a financially lucrative way to say thanks for the good times and let’s move onward with our assets and checkbook intact.  Get rid of all joint debts (or as much as you can) by selling assets.  Seek to start fresh with a clean slate and as little commingling as possible.  It may make since to liquidate brokerage accounts look for those with the most losses first to create shared capital losses and offset other investment gains.  Health expenses may be split or given to one party over the other as a bargaining tool to generate more losses on tax returns.  There is room for negotiation and how you prepare will affect the bottom line in divorce.  If you are looking for a tax consultant that will help you find the most financially lucrative, time and tax saving road to divorce finalization, contact us and mention this blog for a FREE one hour consult for your happy, healthy and wealthy divorce alternative.

Quick Tips:

When married own your own life insurance, long term care and other policies.  When divorcing don’t bother with separation and buyouts, you each walk with your own insurance policy come what may.  Just remember to change your beneficiary designation.  This is after all an independent contract and no divorce decree will supersede a binding insurance contract.

Revise Estate Planning documents immediately after finalizing divorce.  Create a separate property trust for divided assets and change beneficiaries, trustees and executors as needed.

Prenuptial Agreement = Peacemaker