Whether divorce or by the death of your spouse, you have found yourself a single person. In this and the following blog, we will discuss the financial issues that need to be considered when you are put into either of these situations.
In the case of a divorce
While this is an emotional time, there are financial issues that need to be considered as soon as possible so there aren’t any unintended consequences. The following are some suggestions of important issues to be considered both during and after the divorce process. Please consult with your attorney and CPA for specifics regarding your own personal situation.
[fancy_list style=”check_list” variation=”steelblue”]
- Sever all unnecessary financial ties to your soon-to-be-ex. Contact any credit card companies with whom you have joint credit cards and cancel any joint accounts. Have a new card(s) issued in your name only.
- Revise your will. If you and your husband shared the same attorney, you might wish to get a different estate planning attorney.
- Meet with a reputable financial planner to review your overall retirement situation and update your plan beneficiary designations.
- Review your life insurance policy including beneficiaries.
- If there are minor children involved, select a guardian for them. Be sure to include written instructions on how the children are to be raised. Also include instructions on how your assets are to be managed and used for the care, benefit and protection of the children.
- Make sure the children’s future needs are funded.
- Inventory your assets via pictures or video.
- Update your medical directive.
- Meet with a reputable CPA to calculate any tax implications of the divorce.
- Review budget to include alimony/child support arrangements and revise as needed.
- Decide what to do with the family home. Get updated information regarding all loans, including copies of the most recent mortgage statements.
- Contact me for a current market valuation of any real property owned.
I can meet with you to discuss what options are available to you in regards to any real properties that may be involved. This includes any investment or vacation properties. If you are in need of referrals for Family Law Attorneys, CPA or Financial Planners, please contact me and I will be glad to give you several to choose from.
Nancy has been licensed to sell real estate since 1991. This includes sales experience in residential, land and investment properties. Due to her vast experience and expertise in the handling of complicated real estate transaction, she as the chosen as the Official Real Estate Sponsor of the Pasadena Bar Association for 5 years.
Nancy approaches each home sale as a new work that will be given a glorious Premiere! The staging, set design, and presentation all result in her listings being the “buzz” all over town. Nancy harnesses the power of the Internet to give her listings a competitive edge. She sees the Web as the most valuable way to respond to the constantly changing real estate climate. Nancy has the experience, knowledge and flexibility to harness the power of the Web in real estate transactions to get her sellers’ properties the best exposure, worldwide.
Like most people in this field, Nancy had another career before entering real estate. After graduating from Northwestern University School of Music, she attended the Juilliard School. Nancy went to Europe for the summer to continue her vocal training and stayed for 12 years! She sang professionally as a lyric soprano soloist in Austria, Switzerland, and Germany. Nancy is fluent in German and has a very good ear for languages! Her years of living abroad have given her a deep understanding of Buyers and Sellers from varying cultures and traditions. This experience is a valuable tool in understanding client needs and translates into a superb skill in negotiating on behalf of her clients. The experience of living in Europe as well as recent trips to visit family in Asia, she has a deep understanding of varying architectural and decorating styles.