Here is a perfect example of why Wealthy Americans should keep their divorce cases private and out of court. The link included here from the New York Times, Memorandum Order in Hamm Case – NYTimes.com , shows the entire judgment entered in the Divorce of Harold and Sue Ann Hamm. The media is reporting a total settlement […]
This Saturday we will be presenting a Social Security benefit course for clients and other professionals we work with during dissolution proceedings such as attorneys, mental health professionals and accountants. Social Security benefits are an often misunderstood piece of the divorce financial planning picture because they are governed by federal laws, not the local laws of the state you reside in but a little planning can go a long way. Check out our past blog posts on Social Security benefits and Divorce here.
Simply put……..The older you are when you divorce the lower your chances of recovering from any mistakes you make during the financial settlement process. It is critical for anyone over 50 to concentrate on the long term financial planning implications of the settlement. You will have to live with the results the rest of your life. If you are part of a gray divorce you must answer 5 simple divorce financial planning questions along the way towards your financial settlement.
- Do I have all the information to make good financial decisions?
- Can I maintain my standard of living for the rest of my life?
- If not, What has to change?
- Can I live with it?
- How can I take control of my financial future now that I am suddenly single?
1. Have you done everything you can to save and rehabilitate your marriage?
2. Do you have unfinished emotional business?
3. Have you researched, planned, and prepared yourself legally for divorce? Divorce can be complicated. It involves money, custody issues, child support, spousal support, and other legal aspects. You need to educate yourself, protect yourself and empower yourself; until you’ve done that, you’re not ready. For example, do you know how many bank accounts you have as a couple and individually? Any other marital assets you might be entitled to? Consult with at least three attorneys as you explore the option of divorce. “There are economic realities that you have to acknowledge,” says Dr. Phil, “but you are Read more
- 2,000,000 people get divorced in the United States every year
- 45-50% or first marriages end in divorce
- 60-67% of second marriages end in divorce
- 70-73% of third marriages end in divorce
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