How Women Can Dissolve Their Marriage, but Keep Their Assets Secure
“Bibbity Bobbity Bust Up!” Say it isn’t so! Yup, Cinderella’s royal romance has turned into a royal divorce. You see, after years of Prince Charming’s late night partying at the palace, our Disney Princess finally took her glass slipper and kicked him to the curb. Unfortunately, as a single lady, her evil debt sisters will stop at nothing to ruin her financially. So, she’d better secure her assets before her clock runs out!
We, at Achieve Financial Group, we will act as her Finance Godmother and help her through her regal break up. We’ll begin by giving her some tips on how a woman can magically transform the demise of her marriage into a situation that protects her finances after she gets unhitched.
- Divorce-proof your business – If your husband is a business partner or is entitled to an ownership interest as ordered by the judge, you may want to buy out his share. You may need to use your share of other marital assets or propose a long-term payout with interest.
- Have Enough in Your Retirement Account – Your divorce settlement should clearly spell out how your assets from your retirement accounts, pension plans, 401(k) plans and Individual Retirement Accounts (IRAs) will be split and how the funds will be transferred.
- Consider More Insurance – Although you may have health insurance, you should consider getting life, property/casualty and disability insurance, as well. You should also get an insurance policy that protects alimony and child support payments if something happens to your ex-husband.
- Increase Financial Stability in the Short Term – Create a budget that will allow you to maintain your lifestyle, pay off debts and increase your savings for financial stability in the short term.
- Re-assign Retirement Account beneficiaries – Once you’re divorced, you should update your beneficiary designations on all of your retirement accounts or else your ex-husband could be eligible for a portion of the funds.
What a perfect financial fit! Cinderella may not be able to dress up the rumors of her very public split, but at least she won’t have to go back to doing those played-out chores for her shifty stepmother. In fact, she’ll still lead a charmed life and she won’t need a magic wand to do it. Let Achieve help you reach your goals! #AchieveMore in 2018