Don’t miss these final financial details in divorce

Don’t Miss these Final Financial Details in Divorce

Contemplating Divorce?

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Moving into the next chapter of your life means

wrapping up old business so that you can stay

focused on the future.

Here are a few helpful tips to make sure that you don’t leave open any doors that really should be closed for

good.




Assets: Remember to separate all

accounts and change titles where applicable.

For investment accounts it is most important to change your beneficiary designations as these will override what is written in a will.




Debts:Remember to separate all accounts

and change titles where allowed.

If you are still liable for joint debts that could not be separated before the divorce was final, then make it a top priority to get your name removed from as many joint debt accounts as possible now and when able in the future.




Liabilities:Make sure that your divorce

decree handles what will be done with any joint taxes that may be owed or refunded.

This includes federal, state, local, property and potentially others.




Protection:Be sure to visit an estate

planning attorney and have your wills changed.

Change beneficiaries on all life insurance policies. As with investments, these beneficiary designations override a will.




Support:If you are receiving spousal and

child support and need to go back to court to ask for modifications in the future, please beware of the IRS child contingency rules that could put you in a potential tax trap if you are the one paying support.




Be Aware:These are items that are frequently

forgotten amid the turmoil of divorce.

It is vitally important that you follow-up on these things as soon as possible to avoid unintended consequences that can come back to haunt you years later.




By engaging in with the help of an expert such as a

Certified Divorce Financial Analyst, you can avoid some of the common financial pitfalls of getting divorced.


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Lisa Decker, CDFA

DIVORCE MONEY MATTERS

http://divorcemoneymatters.comClick here for other articles that may help you in facing a life challenge.


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Don’t miss these final financial details in divorce

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