Women2Women - Summer 2018 - 16
Growth2Go
Finance, Mentoring & Education
Financial Traps to Avoid During Divorce
Keith R. Hoffman, CPA, CDFA, Herbein + Company, Inc.
ivorce is an emotional and difficult process for everyone involved.
So much is happening at once, and many people don't know
exactly where to start. If you are contemplating or moving
forward with a divorce, there are certain financial implications that
should be considered.
Your financial circumstances are going to change and you should
begin preparing for this as soon as possible.
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HERE ARE SOME DIVORCE TRAPS THAT YOU SHOULD AVOID FROM
THE DESK OF A CERTIFIED DIVORCE FINANCIAL ANALYST (CDFA):
$ If you have never looked at the family finances, now is the time
to do so. It is critically important that you have a handle on what
assets you jointly own and how much they are worth. Check
your credit score and search for any assets that your spouse may
have hidden from you.
$ Update wills, trusts and beneficiary designations on retirement
and insurance plans, so your ex doesn't end up inheriting an
unintended windfall.
$ Keep taxes in mind. A stock portfolio split down the middle
might not really be equal, if there are embedded losses or gains
in the portfolio.
$ Consider other ways to divorce. Litigious divorces can cost tens
of thousands of dollars in legal fees and last for years. Opt for
16 Women2Women Summer 2018
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alternative ways to reach an agreement, such as mediation or
collaborative divorce.
Splitting up retirement plans? That involves tricky tax rules, so
be sure you have the proper paperwork and talk to legal and
tax advisors.
Don't be house poor. Many divorcing spouses want to keep
their homes for emotional reasons and to provide stability for
the kids. But maintaining a house also means mortgage, tax and
upkeep expenses. Make sure you put real thought into how any
proposed settlement will affect your finances five, ten and twenty
years down the line. Can you afford to keep the house, or will
the upkeep and taxes be too much? Perhaps more retirement
assets would be better.
Photograph all of your belongings and real estate. This will help you
keep a log of all of your property and the condition of the home.
Realize that you won't get everything you want in the property
division. Don't spend months and thousands of dollars fighting
over furniture, appliances, or other personal items. Make a short
list of "Must-Haves" and be prepared to compromise on everything
else. Look at the big picture: is this asset best for your situation?
Do you really want to spend time, effort and money to hold onto
the china you were given for your wedding?
Table of Contents for the Digital Edition of Women2Women - Summer 2018
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