Do you have some financial tips for those who may be going through divorce?
When you’re going through a divorce, your finances could be the last thing on your mind, but the decisions you make now will affect you for a long, long time, so be sure not to rush the process because you’re emotional and just want it to be over.
If we played the word-association game with “divorce” you’d probably say “lawyer,” but it’s equally important to get a trustworthy financial advisor to help you navigate the process and avoid common mistakes. If you’ve found yourself on the way to single…again, here are a few tips:
First, know what you have. Gather all of your financial information—all your bank statements, investment assets, tax returns, bonus statements, retirement assets—make copies of everything. These documents have a funny way of disappearing after divorce proceedings begin.
Next, that same “state of the union” check-up should include obtaining a copy of all three of your credit reports, which you should monitor to ensure your credit score stays stable until the divorce is final.
Also be sure you know your status on all kinds of insurance (home, car, health, life). Who is ensuring the premiums are being paid on time and how will these policies—which may be family policies—change after your split? Be sure you are continuously covered. In light of your split, you may have different thoughts on who should be the beneficiary on your life insurance and retirement plans, so be sure to consider that too.
After you’ve completed the fact-finding phase, you need to take steps toward planning for the future. The first step is to separate your finances. Close all joint accounts—that includes bank accounts and credit cards. Next, create accounts in your own name and draft a revised budget for yourself. Where do you stand on your own? Have you and your spouse decided how to handle possible future expenses, like education costs for your children? Speaking of children, what do you think would be a fair amount of child support? How about your retirement? This is why it’s so critical to have a good financial advisor. One non-negotiable: have an emergency fund that will cover you for at least six months.
Also, dot your t’s and cross your i’s. You’ve already sifted through a mountain of paperwork, but don’t forget to work with your lawyer to draft a new will, health care proxy and power of attorney.
It’s definitely a lot of work and can feel overwhelming, but it’s manageable. Just keep your focus on the endgame and take it one step at a time.
Any parting advice?
Yes. Everyone gets married with the best of intensions and high hopes for the future. But the fact is that nearly one in four marriages end before the couple’s tenth wedding anniversary. It’s not romantic, and hopefully you’ll never need it, but a prenuptial agreement can save everyone a lot of headache…Unfortunately, you’re on your own with the heartache.
I guess there are other experts for that!
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This Week’s Celebrity Instagrams (11/26-12/2)
30 photos Launch gallery
1. Little Legend and Puddy 😍😍😍😍
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2. "You on point Phife?" "all the time,Tip". 💥 #bannedfromnormal
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3. Vegan! The Impossible burger at Crossroads
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4. Lawrence #BeforeandAfterEpisodes 1-4: 184lbs 13% body fatEpisode 8: 196lbs 8% body fat S/O @coachdaveboxing with the works outs and @kildareriordan with the nutrition
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5. Jus haaaanngin out
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6. Meanwhile back at home in Atlanta GA someone mad they not on the 🛳. 😳
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7. No limits... Photo cred: Chris Bridges @ludacris
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8. new new
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9. Apparently my 260lbs is too much for the actual vines in the Hawaiian jungles to hold me without breaking and me falling hundreds of feet. So for safety purposes, I'm forced to swing thru #Jumanjj on wires strong enough to hold 12 adult buffaloes and 1 adult Rock. #OnSet #Jumanji #IronicallyIEatBuffaloDailyForLunch #MoreManThanNatureKnowsWhatToDoWith
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10. hey ma! 🎎#wcw 💙
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11. Surprise visit to our factories!!! #GoodAmerican #USA
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13. Peachy Keen 🔥✨⚡️
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14. If this don't look thankful I don't know what does. Happy Thanksgiving to you and yours. #UltraBlessed #24kMagic #SweetPotatoFly
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15. Late nights @nbcmarlon with the writers... we in here!!!
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16. There goes my baaaaaaaaabbbbyyyyy #QueenKingMagic!!! We're up to something! Ira BIG!!! Stay out our buisness -
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17. You want to win every game you play but when you come home to these faces... who cares. #ILoveYouGirls best part of my day, everyday!
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18. Steady,steady..... full size jenga.. "I got this one "???? Or do I ?
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19. Cornrows kind of day 😉@dontaysavoy2 you convinced me and I love. ❤️️
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20. #BrotherlyLove #tbt
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22. #basel #TeamLOVE @kingcombs
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23. Just introduced a special screening of @directher 's groundbreaking (must see) documentary @13thfilm with my brother @themichaelealy | @unitedblackout #blackoutblackfriday
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24. Me & Vanessa Williams giving #DuckLips #Pose on the set of #DaytimeDivas @vh1 - Coming Soon to a tv near you. Lol. - My make up done by @makeupsurgeon
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25. This picture just makes me wanna praise the Lord, you hear me!!!!!! Yes Lord brotha #TEDDYCAMPBELL What a #man !!! You are everything right on this picture husband ......... #gorgeous #stylish #classy #strong #masculine #king #sexy #debonair #gentlemenstyle And that #bible in your hand just seals the deal for me (probably cause i know that, that is what helped you become just as amazing as you look😘). While my heart and mind experiences the goodness of God at #church on Sundays, my eyes experiences the goodness of Teddy😍. Amen somebody🙌🏽. "Bless the Lord oh my soul and all that is within me bless his holy name" #myman #myhusband #goodman #blackman #dapperman #godlyman #goodfather #mybestfriend
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26. Yesterday was my mama's 53rd birthday!!!!! Got to celebrate with her all day. If this is what I have to look forward to I can't wait. Looking like a soft bucket a cocoa butter. Yaaaaaaaaaas! 😍😍😍 love you mommy!
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27. "Shout out to @PureAtlanta for getting the family right"....I'm loving this jogger. 😍😍
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28. This pic warms my heart ❤️ #myLogiebeans and aunt aunt umba @itowandabraxton 😘
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29. You will always be my baby😜. #HappyBirthdayReginae #mybaby18
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30. GC "Gods Child" Red on Red SweatSuit available now at www.MonicaApparel.com ... Take Your Crown wherever you go!! I'm pictured in a Medium... Go to the site now for other options ... cc: @trukernell
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