Planning for Divorce – Financial Considerations Checklist

August 19th, 2015
ico-financial-planing FINANCIAL PLANNING

No one plans to get a divorce, but when this life event occurs your financial plans change. Laurie Siebert, CPA, CFP®, AEP®, says there are some important basics to make sure you have in order as you prepare for the transition.

– Make sure that you have a copy of previously filed tax returns, and that you know what you are signing.

– Retain copies of any investment statements including individual, joint, retirement plans, such as 401ks and pension plans.  Know the titling and beneficiary designations.

– Identify any real estate. Pay attention to ownership and titling.

– Identify any liabilities, rates of interest, payments and terms.

– Develop a budget and know your cash flow numbers.

– Obtain life insurance policies. You will need to know benefits, premiums, beneficiaries and type.

– Keep copies of W-2s and employer benefit packages, including bonus plans.

– Remember that you can’t rely on an even split of assets or alimony. Make sure that you have a career plan, if you do not already have a source of income.

– Don’t go it alone. Rally a trusted team of professionals to help you both legally and financially.

 

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