Ask the Boston Money Coach: Divorce Financial Planning Question from another financial planner: I have a client who has been divorced since October 2006. My client had a 401k leading up to the divorce and on 10/25/2006, when he filed for divorce, the 401k had $19,000 in it, and was 100% invested in a Fidelity MM fund. Now the value is closer to $20,000. His ex-wife is now asking for her ... Read More
Divorce
Top Five Reasons for Hiring A CERTIFIED FINANCIAL PLANNER ™ During the Divorce Process
Too often folks go through a divorce confused about the process or impact of decisions on their long-term financial health. Or they are blinded by the emotions connected with the divorce. I'm here to tell you that neither hope, good intentions or an ostrich-head-in-the-sand approach are going to get you through this life transition. 1) Financial analysis conducted early in the divorce ... Read More
Money Coach Back in the Saddle with More Money Tips
I know that it's been a while. And for those who have been dropping by, I appreciate your continued support. Hopefully, others will find their way back and find the fresh perspective enlightening. In a world of confusion, my mission continues to be to bring to light fresh ideas on how to plan better and wiser for college funding, divorce, retirement and investing. As I noted in my last post, I ... Read More
Coping with Change: The Impact of Divorce on Your Fiscal Health
Divorce is emotionally traumatic on everyone involved especially if there are children. While it may seem mundane, dealing with the money and tax issues that arise from the unwinding of a life together is as important for both psychic and fiscal sanity. In the big scheme of things, there are more important things than money. And many who are faced with this kind of life-changing event will cope ... Read More
How I Gave Everything I Earned to the Government (or the Ex)
All your ex-es may live in Texas as the country song says but do you really want your hard-earned money to follow? And you may be a generous sort but would you rather have your wealth pass on to your family or Uncle Sam? More examples of smart people doing dumb things when it comes to estate and legacy planning. What do you think of when someone says "estate plan?" If you think that it's only ... Read More
Divorce for Seniors: The Impact on Social Security Benefits
10 Year Rule. Benefits are calculated based on the monthly average earnings of the covered person. A spouse can receive benefits based on his or her own work record or that of a spouse. For a spouse who has not worked or had low wages, then the lower-earning spouse is entitled to as much as one-half of the retired worker’s full benefit referred to as the Primary Insurance Amount (PIA). Eligible ... Read More
Financial Steps to a Fresh Start After Divorce
After a marriage breaks up, about the last thing most people want to do is sit down with one more attorney. But no matter how old you are or whether you have kids, it’s important to consult both financial and legal experts to make sure you have an updated estate and financial plan for your new life once the divorce decree is final. It’s also best to blend estate planning with financial planning ... Read More
