Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
Today’s show is all about your financial questions. We’ll start with Vickie, who has a question about divorce.
Vickie says she and her husband will likely be getting divorced in the next year or two. She is already retired, and he’ll be retiring in the next couple years. How will this affect her retirement picture?
It’s always sad to hear about someone going through this. You want to understand how you will split the assets. You need a divorce attorney, as well as a CPA, depending on the type of assets you have.
Many divorce attorneys will recommend a CPA to figure out an equitable distribution of your assets. A CPA should always be involved if you have qualified retirement plans or pensions that one or both are eligible for, because there’s a certain process you need to go through.
When you go to divide the assets, you need to know what the tax ramifications will be on the back end. It’s dependent on what type of asset it is.
While you’re still married, you need to look at your health care plan and see how it will be handled once you’re divorced. Maybe it’s in your husband’s name now, so you need a plan for later.
Another piece of advice is to do nothing. Don’t start moving assets around before you’re divorced. Until there is a divorce settlement, don’t make major money moves unless all parties agree, including you, your spouse and your respective attorneys.
Most importantly, you need to be your own advocate and speak up for yourself, even when dealing with your attorney.
Listen to the full episode or use the timestamps below to jump to a specific section.
4:21 – Preparing for divorce
7:27 – How divorce will affect retirement
8:17 – Do nothing
10:10 – Be your own advocate
11:07 – Company stock
12:34 – Picking stocks
“A CPA should always be involved [in your divorce] if you have qualified retirement plans or pensions that one or both are eligible for, because there’s a certain process you need to go through.“
-Matt Hausman
Additional Podcast Episodes:
- Piggy Bank Pies and an Abundance Mentality
- Mandates and Forced Retirement – Which Questions to Ask
- The Fear of Spending Money in Retirement
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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
