Wealth Management and Risk Mitigation
Investment Planning
Retirement Planning
FAQ
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How Do I Prepare Financially for Divorce?
Divorce is one of the biggest financial transitions many women will experience. Whether you're just beginning to consider divorce or the process is already underway, taking the right financial steps early can help you protect your future and make informed decisions.
Here are some important ways to prepare:
Gather Your Financial Information
Start by collecting copies of important financial documents, including:
- Bank and investment account statements
- Retirement accounts, pensions, and 401(k)s
- Tax returns from the past three to five years
- Mortgage and loan documents
- Credit card statements
- Insurance policies
- Estate planning documents
- Recent pay stubs
Having a clear picture of your finances is essential before making any major decisions.
Understand What You Own—and What You Owe
Create a list of all assets and debts, including your home, retirement accounts, savings, investments, vehicles, mortgages, credit cards, and loans. Knowing your complete financial picture will help you evaluate settlement options more confidently.
Create a Post-Divorce Budget
Your financial needs will likely change after divorce. Estimate your monthly expenses, including housing, utilities, insurance, transportation, healthcare, childcare, and everyday living costs. A realistic budget can help determine what you'll need to maintain financial stability.
Don't Overlook Retirement Assets
Retirement accounts are often among a couple's largest assets. Understanding how these accounts may be divided—and the tax consequences involved—is an important part of protecting your long-term financial security.
Review Your Credit
Obtain a copy of your credit report and identify any joint accounts or outstanding debts. If you don't already have credit in your own name, now may be the time to begin establishing an independent credit history.
Consider the Tax Impact
Not all assets are equal after taxes. Two accounts with the same balance may have very different values depending on how they're taxed. Evaluating the tax consequences of a settlement can help you avoid costly surprises later.
Securities offered through Supreme Alliance LLC, Broker/Dealer, RIA, Member FINRA
Common Questions to Ask Before Agreeing to a Settlement
- Can I realistically afford to keep the house?
- How will my retirement be affected?
- Will I have enough income after the divorce?
- What happens to health insurance?
- How will college expenses be handled?
- What debts will I remain responsible for?
- Are taxes being considered fairly?
- How will Social Security benefits be affected?
- What changes should I make to my estate plan?
Think Beyond the Divorce
Your financial life doesn't end when the divorce is finalized. It's important to update your beneficiary designations, review your estate plan, adjust your insurance coverage, revisit your retirement strategy, and create a financial plan for the next chapter of your life.
How Can a Financial Advisor Help?
A financial advisor works alongside your attorney to help you understand the financial implications of your decisions. We can help you organize your finances, evaluate settlement options, develop a sustainable post-divorce budget, plan for retirement, and create a long-term strategy designed to help you move forward with confidence.
Divorce is a legal process, but it's also a financial one. Having both legal and financial guidance can help you make decisions that support your future—not just the outcome of the divorce. At Northeast Wealth Management we help our clients with a process called: the Divorce Survival Kit. Please let us know if you have any questions or need more research… give us a call, we are here for you.
Securities offered through Supreme Alliance LLC, Broker/Dealer, RIA, Member FINRA
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Will or Trust?
For many Massachusetts families, the question is not "Will or Trust?" but rather "What combination of tools best accomplishes my goals?" Even when a trust is used, a will is typically still part of the overall estate plan.
A financial advisor and estate planning attorney can work together to help ensure your estate plan aligns with your financial plan, beneficiary designations, tax strategies, and family objectives. An estate attorney creates the structure. A financial advisor makes the structure financially efficient, tax-aware, and operationally correct.
A will is a document that contains your direct wishes for your property and assets, as well as the care of your dependents. Failure to prepare a will typically leaves decisions about your estate in the hands of judges or state officials and may also cause family strife.
A will allows you to:
- Specify who receives your assets
- Name guardians for minor children
- Appoint an executor to manage your estate
- Provide instructions for final wishes
Massachusetts probate is often manageable for simple estates, and some assets—such as retirement accounts, life insurance, and jointly owned property—may pass outside probate automatically.
Probate is the court-supervised process for transferring assets after death. While probate works as intended in many cases, some families prefer to avoid it because it can create additional costs, delays, and administrative burdens.
A will that goes through probate becomes part of the public record.
A trust is a fiduciary relationship in which a grantor gives a trustee the authority to hold assets for the benefit of one or more beneficiaries. By law, trustees must disperse these assets following the grantor's instructions.A trust is generally employed to hold assets so that they are safe from creditors, or others that may lay claim after the grantor’s death. Trusts are also used to keep assets safe from family members who might otherwise sell or spend them.
A trust can offer benefits, including:
- Avoiding probate for assets held in the trust
- Maintaining privacy, since trusts are generally not public records
- Providing management of assets if you become incapacitated
- Controlling how and when beneficiaries receive inheritances
- Helping protect assets for children, beneficiaries with special needs, or blended families
Securities offered through Supreme Alliance LLC, Broker/Dealer, RIA, Member FINRA
Which is Right for You?
A will may be sufficient if:
- Your estate is relatively straightforward
- You have limited assets
- You are comfortable with the probate process
Consider a trust if:
- You own real estate
- You want to avoid probate
- You have significant assets
- You have a blended family
- You want greater control over how assets are distributed
- You are concerns about privacy or incapacity planning
- You wish to protect your legacy for future generations
Bottom line: A will is essential for most adults. A trust can provide additional flexibility, control, and probate avoidance benefits. The right choice depends on your goals, the complexity of your estate, and how you want your assets handled.
Consulting with legal and financial advisors experienced in estate planning is crucial to ensure that the trust structure aligns with the grantor's objectives and complies with relevant laws and regulations.
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What is the best strategy for Social Security?
There is no universal “right age” to claim benefits. The optimal strategy depends on several personal and financial factors, including your cash flow needs, health and family longevity, marital status (married, divorced, or widowed), and the availability of other income sources. The performance of your investments and your plans for continued work also play a critical role.
Understanding the rules is essential. Once you reach full retirement age, you may work and earn unlimited income without any reduction to your Social Security benefit.
However, claiming benefits before full retirement age while continuing to work can result in a temporary reduction due to the earnings test.
Because Social Security provides lifetime, inflation-adjusted income, the decision of when and how to claim should be approached strategically. For most retirees, it is one of the most consequential financial decisions they will make, and careful analysis can materially improve long-term retirement security. We can help calculate your benefit at different claiming ages, identify your break-even points, and model multiple scenarios to evaluate the trade-offs. A personalized Social Security analysis can help you make a confident, informed decision that supports your broader retirement plan. If you are approaching retirement or already receiving benefits, now is the time to review your strategy and ensure it is aligned with your long-term financial goals.
Securities offered through Supreme Alliance LLC, Broker/Dealer, RIA, Member FINRA
REVIEWS & TESTIMONIALS
CLIENT SUCCESS STORIES
Excellent
Based on 48 reviews
Mary N.
I have known the principals of this firm for many years. They are highly educated and experienced in the world of wealth management. I have attended their seminars, and they provide excellent information and a thorough scope of their field.
Their listening skills afford them great attention to each client's personal perspective and financial situation.
Herb R.
I am happy to endorse Jim Moniz and Kate Leonard of Northeast Wealth Management. They have been extremely helpful in establishing and managing my portfolio of financial and personal affairs. Their programs are simple, comprehensive and affordable.
It is good to have all my important information in one place (Vault). In addition, they are very friendly and helpful and are always available to discuss even small matters. THEY ANSWER THEIR OWN PHONES! It has been a pleasure working with them and I always look forward to my visits.
Janice B.
I have worked with Northeast Wealth Management since 2004. We first met when I needed help with my mother’s estate planning, then settling her estate. Since then, we have worked on special needs planning for my disabled daughter, estate planning for
my husband and I, then when I needed help with Alzheimer's care for my husband, Jim and Kate were right there with me, helping me find day care, then memory care and finally, unfortunately, support at his passing. Jim and Kate have become my support system when I feel overwhelmed and my trusted financial advisors when I need help with financial planning. They are more than a financial wealth management team, they are supportive, knowledgeable, and trustworthy.
Anthony M.
Jim and Kate are wonderful to work with. Over the past two years, they have treated us with personalized attention and have provided great financial insight. I have had some atypical investment scenarios occur related to my RSUs and Jim has gone
the extra mile to help me sort them out. Jim is personable, professional, and incredibly knowledgeable. I recommend considering Northeast Wealth Management for your own portfolio guidance whether you need wealth management, stock options, real estate investment, or financial planning assistance.
Debi A.
I started working with NE Wealth Management in 2008. Their office was in the same building that I worked in. I had a question about rolling over an IRA from a previous employer. We setup an appointment and the rest is history. Jim and Kate are great to work
with. Most importantly to me is they listen to me. I would highly recommend NE Wealth Management for your estate and financial planning needs. Fifteen years later, I am now retiring with a healthy portfolio. I can't thank you both enough.