If you are divorcing, after the divorce is over, you will have some estate planning details that should be addressed sooner than later. Most people realize that they will need to revise their will. However, you will also need to revise the beneficiaries on your bank/investment accounts, retirement accounts and life insurance. Forget to do this and your ex-spouse could receive funds down the road that you intended to go to your children or potential new spouse. Unfortunately, I see this too often when 20 years after a divorce the first spouse receives the benefits of a life insurance policy … Continue reading
Category Archives: Divorce Financial Planning
AVOID DIVORCE INSURANCE MISTAKES
Warning: Will Your Insurance Protection Survive Your Separation and Divorce? Divorce is traumatic enough without the financial complications of an uncovered insurance loss. Attorneys and judges are quick to consider life and health insurance in divorce cases. But frequently other forms of personal insurance do not get much attention. During a divorce judges frequently tell the parties in a divorce not to make any changes to their insurance policies. What the judges are trying to do is stop malicious tampering with insurance policies by the warring spouses. However, legal professionals sometimes overlook common but crucial property and casualty insurance issues. … Continue reading
ALIMONY ISSUES
This 7 letter word paralyses men with fear. How much will I have to pay? For how long? It also paralyses women. Can I receive it? How much can I receive? How long will it last? I understand why this is such an emotional issue. However, emotions aside, it really comes down to numbers. Attorneys tell me that TN divorce laws discuss 16 factors that are considered for alimony. However, need and ability to pay are the 2 factors that get the most attention. As the wife and husband, your job is to prove what you need and what you … Continue reading
Minimize Unnecessary Expenses During Divorce
Regardless of how much divorcing spouses may dislike each other, they often equally dislike spending money on a divorce battle and draining their hard earned savings and retirement funds on unnecessary legal fees. Consistently, I strive to avoid letting uncertainty whip my Nashville, TN clients into an emotional tizzy. The more frenzied their emotions, the longer the proceedings and the more costly the divorce. Frequently, it is the emotions in divorce that cloud people’s thinking and result in tens of thousands of dollars spent unnecessarily. As a divorce financial planner and mediator, I am aware of the emotional issues my … Continue reading