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Financial planning is imperative for anyone going through a divorce, and most specifically, the female. We help lead you through your most vulnerable time and help remove the grief or anger from the picture. A clearer input will give you a clearer output, and therefore build your confidence and allow you to experience your greatest self.
Planning together will entail revamping and recalculating needs, as well as stress-testing plans to ensure success as a single person. We will help manage expectations, develop and prioritize an action plan, and implement and review the likelihood of success such changes can bring.
We also understand the importance of knowing the rules and laws around retirement plans, investment/property taxation and Social Security benefits so as to make the most out of assets transferred due to divorce.
Going through divorce will be complicated enough, you need to be as best prepared as possible with all the information prior to starting the process. Each spouse will be expected to provide financial disclosure. Download this handy Divorce Financial Planning Checklist outlining all the information you will want to gather prior to the divorce, as well as helpful thoughts to consider when negotiating, and also a post-divorce Checklist.
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 plant 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.
Budgeting After a Divorce
Suddenly Single: 3 Steps to Take Now
What You Should Do About Insurance Following a Divorce
Yours, Mine, and Ours: Estate Strategies for Second Marriage