Financial Planning for Divorcees

The temptation to forego the use of a divorce attorney is very tempting, so tempting in fact that 80% of divorces start sans an attorney. The question is, is it the right way for you? 

If you're in the beginning stages of divorce there are several things that should be on your radar. Read this blog post to see a few things to consider 

An audit report from early June reported more than 15,000 widows and widowers were being underpaid by Social Security. The Social Security Administration is supposed to review all cases annually but obviously some slip through the cracks. What's more is, this could apply to divorcees as well, depending on how long your marriage was and whether or not you remarried.

Carrie reviews several ways to access retirement monies prior to reaching age 59 1/2, when most plans allow for penalty-free withdrawals. At some point during the divorce process a cash need develops, and knowing the available options is the best way to position yourself to not miss out on any potential options or inadvertently get into a blunder (whether it be due to taxes, penalties, or long-term opportunity costs).  

Are If you or someone you know is going through divorce and will receive maintenance or child support payments, Carrie explains why she believes the most important asset that needs to come out of the divorce is Life Insurance.

In the April 7, 2020 blog post Carrie takes a deep dive into the Social Security claiming rules for Divorcees which includes collecting benefits off an ex-spouse’s work record. Being familiar with these rules is important for all divorcees to understand, but it is particularly important if you are female.

In Carrie's blog post from February 25, 2020 she explores the ramifications of the newly passed SECURE Act for unmarried couples.  If you're in an unmarried relationship and plan to remain that way, there are rules that might inadvertently affect you.

Tensions are on the rise in many households due to the increased time together and financial pressures. Many marriages that were on shaky ground previously are finding themselves at a breaking point. Unfortunately many spouses are being victimized and controlled (oftentimes it being the female), which can cause even more undue stress. Read more on this and how you might be able to prevent it from happening to you.

Over the years Carrie has seen several unintended mistakes made by divorcees that we all should be aware of so as not to duplicate them in our own lives. All persons undergoing the divorce process should read this article, and if you know of anyone considering a divorce please share it with them.