Divorce Financial Help
Divorce is chaotic, stressful, depressing, and overwhelming. Worse yet, it feels like most of the time your life is spinning out of control.
But surviving a divorce is not enough; you must also strive to create a peaceful and financially stable environment for yourself and your family.
While going though divorce, in this already chaotic time, you are required to make crucial financial decisions that may impact you financially for years to come.
As your Certified Divorce Financial Analyst, I can help you move from just surviving to truly thriving!
Divorce Financial Planning
The first order of business when going through a divorce should be consulting your financial planner. At the latest, it should be done in the early stages of the divorce proceedings.
This is to allow your CDFA to equip you with the best financial strategies when it comes to the divorce settlement process.
As your CFDA, here are some of the things I can do for you:
Assistance in completing your financial statements – listing income, expenses and all assets/property, which will be required by the courts.
Assisting in understanding the financial ramifications in your settlements.
Helping you develop a budget to live on before and after the divorce is final.
Identifying what insurance or work-related benefits you currently have, what you may be losing and how to get them on your own.
Providing an understanding of how child support and spousal support works.
Providing guidance on retirement accounts.
Proposing and reviewing the pros and cons of alternative settlement options.
Helping you understand your largest asset, the home, and what the mortgage and equity could mean to you in the divorce.
Divorce and Insurance
No matter how much we want to avoid it, sometimes unfortunate circumstances come upon us and relationships are torn apart. Upon the event of a divorce, your children and assets are the first things that you should consider first. Whatever the reason for the divorce, a divorce is never easy.
Divorce doesn’t end upon separation. The situation is further complicated by the need to disentangle friends, extended families, possessions, finances and, yes, insurance.
How Divorce Can Affect Your Insurance Needs
Your coverage and insurance requirements may change significantly following a divorce especially if you have children. Insurance is among the financial items you'll likely need to consider, or at least review, during a divorce.
And other than health insurance, insurance may often be forgotten.
You'll want to make sure the appropriate protections are in place as you allocate belongings, move and begin your separate lives. It's important to have any necessary procedures done now while you are still covered.
You can start by getting your own coverage for health, automobile, and home, and take these expenses into account for your post-divorce budget.
Review Designated Beneficiaries.
It’s almost certain that you named your spouse as a beneficiary on your will, life insurance policy, IRA and 401(k). It’s essential that you review and change these documents.
You should also consider changing your trustees and powers of attorney, especially if you divorce later in life.
You will need to remove your ex-spouse from the auto insurance policy after the divorce. You do not want to be held liable if your ex-spouse does something out of the ordinary. Nor do you want him or her to receive any checks if a claim arises.
As for liability coverage, if you have children you may want to increase your coverage amount. Notify your insurer of any changes to the ownership or designated drivers of a vehicle and proceed with the necessary actions
Upon divorce or separation, and depending on your prenuptial agreement, possessions will be divided between the individuals and, often, at least one of the partners will change residences.
It is important to keep your insurer informed of changes in your residence and possessions so that you make sure you're still protected.
Depending on the agreement, some divorces usually specify that whoever provided health coverage for the family during the marriage must continue to provide it after the divorce. This spouse may have to pay additional premiums to continue this coverage.
It’s always best to review your insurance and avail the necessary remedies that may be applicable to you and your family.
The owner of a life insurance policy has all rights and power over the policy, such as changing the beneficiaries, borrowing against cash values, and canceling the policy. Your divorce settlement must always address policy ownership.
If you have minor children, it’s deemed best not to name them as the beneficiaries; instead make sure to name a trustee or a contingent beneficiary.
Review your will, life insurance policies and retirement accounts to remove your ex-spouse. If you have children, you should also review the value of your policies. Children of single parents may be more prone to financial difficulties if a parent passes away.
You need to choose an affordable premium that also offers long-term financial security for your child if needed. And regardless of what type of insurance policies you are considering or changing, make sure to thoroughly do your homework.
For Divorce Financial Help - Call Kimberly Surber Now
Contact me today to set up a free consultation. You can reach me at 97-347-3860, or you can email me at
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