divorce - get a fair deal money smart women chapter 9 divorce: get a fair deal janet bodnar
DESCRIPTION
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
![Page 1: Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar](https://reader036.vdocuments.us/reader036/viewer/2022090107/5a4d1bee7f8b9ab0599e5280/html5/thumbnails/1.jpg)
Divorce - Get a Fair Deal
Money Smart WomenChapter 9 Divorce: Get a Fair Deal
Janet Bodnar
![Page 2: Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar](https://reader036.vdocuments.us/reader036/viewer/2022090107/5a4d1bee7f8b9ab0599e5280/html5/thumbnails/2.jpg)
Divorce: Get a Fair Deal
• Make no mistake about it --- Divorce is a financial disaster
• Just like marriage – divorce is a legally binding agreement
![Page 3: Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar](https://reader036.vdocuments.us/reader036/viewer/2022090107/5a4d1bee7f8b9ab0599e5280/html5/thumbnails/3.jpg)
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
![Page 4: Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar](https://reader036.vdocuments.us/reader036/viewer/2022090107/5a4d1bee7f8b9ab0599e5280/html5/thumbnails/4.jpg)
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)
![Page 5: Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar](https://reader036.vdocuments.us/reader036/viewer/2022090107/5a4d1bee7f8b9ab0599e5280/html5/thumbnails/5.jpg)
Divorce: Get a Fair Deal
• Debt: Get rid of joint debt• Contact debtors and tell them of your new
status• Protect your credit rating
![Page 6: Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar](https://reader036.vdocuments.us/reader036/viewer/2022090107/5a4d1bee7f8b9ab0599e5280/html5/thumbnails/6.jpg)
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
![Page 7: Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar](https://reader036.vdocuments.us/reader036/viewer/2022090107/5a4d1bee7f8b9ab0599e5280/html5/thumbnails/7.jpg)
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?
![Page 8: Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar](https://reader036.vdocuments.us/reader036/viewer/2022090107/5a4d1bee7f8b9ab0599e5280/html5/thumbnails/8.jpg)
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…
![Page 9: Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar](https://reader036.vdocuments.us/reader036/viewer/2022090107/5a4d1bee7f8b9ab0599e5280/html5/thumbnails/9.jpg)
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
![Page 10: Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar](https://reader036.vdocuments.us/reader036/viewer/2022090107/5a4d1bee7f8b9ab0599e5280/html5/thumbnails/10.jpg)
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
![Page 11: Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar](https://reader036.vdocuments.us/reader036/viewer/2022090107/5a4d1bee7f8b9ab0599e5280/html5/thumbnails/11.jpg)
Divorce: Get a Fair Deal
• Helpful sources• Wife.org• http://www.kidsinthemiddle.org/