Contributed by: Jacki Roessler, CDFA®
Watch this video for some of the most common financial mistakes I’ve seen people make during their divorce. The good news is each one of these is easily corrected. What’s my most important tip? Read below to find out.
Highlights from Divorce Mistakes:
Minute :15: Not diving into the details of cash flow planning
Minute :46: Not paying enough attention to the details of the retirement account divisions
Minute 1:30: Getting emotionally attached to a specific asset-whether it makes sense for you to keep it or not.
Minute 1:58: Tip: Treat your divorce as if it was a business splitting up-you’ll get better results
Minute 2:20: Staying married for ten years-impact on future Social Security income
Over the past 24 years, in every case I’ve seen, there comes a time when a client says, “I agree! I just need to be done with this.” Everyone feels this way at different times in their settlement process. I felt it in my divorce, and this is what I do for a living! Getting divorced is stressful-even for amicable couples. However, fighting this urge is the key to getting a settlement you can live with today and in the future. When you start to feel like you’re willing to accept anything so you can move onto your next chapter, take a breath and slow down. Immerse yourself in the details of the offer on the table. Analyze it. Tweak it. Understand it. No detail is too small, and no question is too silly.
If you have individual questions on your specific case, feel free to contact our office to set up a consultation with one of our advisors
Jacki Roessler, CDFA® is a Divorce Financial Planner at Center for Financial Planning, Inc.®