There are some expenses like insurance, gym memberships, phone plans, and streaming services that are shared during the marriage. As the divorce process proceeds, you must take steps to remove yourself from joint accounts and establish them under your name to remove any personal or financial liability. Read this article for more ideas.
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Using 401(k) assets to pay for expenses during the divorce process can be costly. If you are under 59 ½ years old, you may have to pay income tax and a 10% penalty on the withdrawal. It may be a better option to take a loan against the 401(k) up to maximum of $50,000. But […]
Fidelity’s Divorce and Money Study provides some important insights regarding the effects of divorce on the financial and emotional well-being of couples. Being involved and engaged in financial matters during the marriage provides an advantage for dealing with the divorce and for recovering after the divorce. Read more about the study.
Some employers still offer old-fashioned defined benefit pension plans to their employees. A divorce settlement may provide an employee’s ex-spouse with a present or future interest in the lifetime pension payments. To determine the marital portion of the pension it may be necessary to hire a pension consultant. This article provides useful information regarding the division […]