Contributed by Eileen Stoner, Certified Divorce Financial Analyst® professional Divorce Resources Early and Meaningful, DREAM LLC, The Stoner Group https://financialservicesinc.ubs.com/team/thestonergroup/
Sometimes couples expect that once a divorce agreement is signed, everything they have settled upon will automatically be completed. How can you know what the potential next steps are? The financial aspects of post-divorce follow up can be a complex arena to navigate.
Investment and banking accounts may need to be opened, closed or retitled. In a settlement agreement couples may have agreed to divide various assets. Settlements that are planned as streams of income may need to be protected in case the payor predeceases the ex-spouse or children. Health insurance continuation for a non-working spouse or eligible children may be available for continuation through COBRA guidelines, but the continuation period is time limited. Employer-sponsored retirement plans are complex and oftentimes the parties involved must file specific requests with the plan administrator well in advance of the final divorce decree becoming available
Financial planning should be considered post-divorce so the “new single” can understand what the “new budget “may look like. Evaluate how the ability to achieve future goals may have been impacted. This process can help identify gaps so they can be understood and addressed.
When the family law professional is winding down the client engagement at the conclusion of a divorce, consider being a proactive participant and seek advice about any next steps that you will be responsible for with a Financial Advisor. A Financial Advisor and Certified Divorce Financial Analyst CDFA® professional can be a valuable resource to help you understand and navigate the next steps as you move into your next chapter of life.
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