Financial issues are a big part of the difficulty of divorce, in part because people don’t realize there are certain contracts that take precedence over divorce decrees. In fact, that’s the number one misconception that people seem to have. Being able to identify financial issues can help take away some of the pitfalls and stresses that can arise during the divorce process.
We suggest that you evaluate post-divorce cash flow and put together a spending plan, considering such things as your:
It is important to remember that a divorce decree does not take precedence over legal documents such as IRAs, Qualified Retirement Plan (401K, Profit Sharing, etc, that need a QDRO) Annuities, and Life Insurance. Contact me if you find yourself with questions related to your financial well-being during and post divorce.