Divorce - Get a Fair Deal Money Smart Women Chapter 9 Divorce: Get a Fair Deal Janet Bodnar

Divorce: Get a Fair Deal Make no mistake about it --- Divorce is a financial disaster Just like marriage – divorce is a legally binding agreement

Divorce: Get a Fair Deal Know the numbers – 50 % of first marriages end in divorce Second marriages don’t have a better track record – more than 50% of second marriages end in divorce Know your state’s laws on divorce

Divorce: Get a Fair Deal What do you do? Big Four Check your credit Plan, plan, plan Build and utilize your team to help you! (Attorneys, mediators, counselors, accountants, financial advisors)

Divorce: Get a Fair Deal Debt: Get rid of joint debt Contact debtors and tell them of your new status Protect your credit rating

Divorce: Get a Fair Deal Determine your assets so that you know how to divide assets Plan for a lifetime – not the immediate situation or future Don’t count on alimony Child support – know what to expect and determine needs for life of child

Divorce: Get a Fair Deal Should you keep the house – if you do – you more than likely keep the mortgage Health insurance? Retirement plans? Social security? Life insurance? Other benefits/assets?

Divorce: Get a Fair Deal Tap into assets and be sure “how” you receive these assets. Is it better to “cash out” or wait until you receive assets? Social Security – remember the rules… 10 year rule applies to Social Security and pensions Remarriage and the ramifications…

Divorce: Get a Fair Deal Revisit your estate plans – will, durable power of attorney, living will, guardianship for children, trusts, how you titled property, etc. Beneficiary forms – update all beneficiary forms

Divorce: Get a Fair Deal Your children -- if they are old enough, inform them of new financial status Child support – be thorough and detailed Note: payment on child support is not dependable Alimony – don’t count on it

Divorce: Get a Fair Deal Helpful sources Wife.org