Separated or divorced parents face unique challenges regarding the financial impact of preparing for and paying for their children to attend college. Luckily, there are ways to handle the situation without breaking the bank!
I believe that the above title rings true for lots of folks since we tend to evaluate our lives around New Year’s Day. And if your marriage is bad, divorce is a reasonable resolution.
Most divorce lawyers will agree that the first few weeks of the new year are busy with new clients. I had attributed this to folks wanting to get through the holidays before they made drastic changes, but after reading this great post by a firm in New Jersey, I changed my mind.
If divorce is your resolution for the new year, it is important to have an understanding of the process first. Then you need to line up the professionals who will help you get through it. And, finally, you will need to get a good understanding of your own finances.
If divorce is your New Year’s resolution, may you have an effective and peaceful one!
Christine Fletcher is back to provide more of her knowledgeable estate planning advice. Her help is always welcome but especially this week as I’m on vacation 🙂
Last week Nancy posted about the importance of updating your estate plan after you divorce. Unfortunately, I have seen the effects of what not doing this can have on a family. Many clients are so drained, both emotionally and financially, from a divorce that they find it difficult to deal with anything else. Or perhaps, having an ex-spouse named in a will as an executor or as a beneficiary is the last connection to that person that you are having trouble severing. But it is important to understand the effects that not updating your estate plan will have.
If you have a will or trust that predates your divorce and names your now ex-spouse as a fiduciary or a beneficiary, some states will treat that spouse as if they predeceased you or refused to accept the asset. The same may apply to ex-spouses named as a beneficiary of a life insurance policy or a retirement plan. However, not all states take this approach. You need to check … Keep reading
If your divorce has just ended, you probably feel like you NEVER want to talk to a lawyer again. However, there are a number of financial steps you should take after you divorce, and one requires a lawyer:You need to change your estate plan, or if you don’t have one, create an estate plan.
Not only does this require good professional assistance, it costs money. Maybe money you feel you can’t spend because you are now “divorce poor.”
I get that. The divorce process drains you of energy and time and money.Regardless, you are at a new beginning and you need to get this one piece done right.
In addition, and it might not happen as part of your estate planning, you need to be sure you have dealt with the possibility that something might happen to your adult (over age 18) unmarried children as well. We tend to assume that when children leave the nest that’s it. In tragedy, it often isn’t.