divorce - get a fair deal money smart women chapter 9 divorce: get a fair deal janet bodnar
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Divorce: Get a Fair Deal Know the numbers – 50 % of first marriages end in divorce Second marriages don’t have a better track record – more than 50% of second marriages end in divorce Know your state’s laws on divorceTRANSCRIPT
Divorce - Get a Fair Deal
Money Smart WomenChapter 9 Divorce: Get a Fair Deal
Janet Bodnar
Divorce: Get a Fair Deal
• Make no mistake about it --- Divorce is a financial disaster
• Just like marriage – divorce is a legally binding agreement
Divorce: Get a Fair Deal
• Know the numbers – 50 % of first marriages end in divorce
• Second marriages don’t have a better track record – more than 50% of second marriages end in divorce
• Know your state’s laws on divorce
Divorce: Get a Fair Deal
• What do you do?• Big Four• Check your credit• Plan, plan, plan• Build and utilize your team to help you!
(Attorneys, mediators, counselors, accountants, financial advisors)
Divorce: Get a Fair Deal
• Debt: Get rid of joint debt• Contact debtors and tell them of your new
status• Protect your credit rating
Divorce: Get a Fair Deal
• Determine your assets so that you know how to divide assets
• Plan for a lifetime – not the immediate situation or future
• Don’t count on alimony• Child support – know what to expect and
determine needs for life of child
Divorce: Get a Fair Deal
• Should you keep the house – if you do – you more than likely keep the mortgage
• Health insurance?• Retirement plans?• Social security?• Life insurance?• Other benefits/assets?
Divorce: Get a Fair Deal
• Tap into assets and be sure “how” you receive these assets. Is it better to “cash out” or wait until you receive assets?
• Social Security – remember the rules…• 10 year rule applies to Social Security and
pensions• Remarriage and the ramifications…
Divorce: Get a Fair Deal
• Revisit your estate plans – will, durable power of attorney, living will, guardianship for children, trusts, how you titled property, etc.
• Beneficiary forms – update all beneficiary forms
Divorce: Get a Fair Deal
• Your children -- if they are old enough, inform them of new financial status
• Child support – be thorough and detailed• Note: payment on child support is not
dependable• Alimony – don’t count on it
Divorce: Get a Fair Deal
• Helpful sources• Wife.org• http://www.kidsinthemiddle.org/