Understanding Your Divorce Settlement
Your Divorce is Finalized. You’ve made it. It’s time to start moving forward. You’ve made it through the frustration and anger. The challenges of the divorce are behind you and now you are facing decisions for your new life even if you can’t envision it yet. I see a lot of people get stuck at this fork in the road. I’ve even witnessed some revert to the single days of youth with no responsibilities or boundaries. This is where some questionable choices about money, jobs, and homes are made. Don’t be that person. Now, is the time to start to heal and move forward. You can now begin to build a positive and meaningful life from all that you’ve been through.
Know Your Divorce Settlement
Job number one is to KNOW YOUR SETTLEMENT! I know it’s been a difficult process and you really want to take a break, but this is of crucial importance. I meet a lot of people who aren’t really sure exactly what they have been awarded in their settlement. And yet, they are hesitant to call their attorney because they don’t want to pay any more attorney fees. And I understand that feeling, But this may very well represent the best legal expenses you will have. Read your final decree. MAKE SURE you understand everything in it. If you don’t want to read it or feel confused, schedule another hour with your attorney or use a divorce specialist like me to help you. The post-divorce transition assistance that my company offers can be the most valuable service we offer. This includes reviewing your decree, setting up financial accounts, and facilitating the transfer of any assets that you were awarded.
Job number one is to KNOW YOUR SETTLEMENT! I know it’s been a difficult process and you really want to take a break, but this is of crucial importance. ”Melissa Océan, CFP®, CDFA®, MAFF®
You have probably received your QDRO. (Pronounced Quadro.) This legal document is in addition to your Divorce Settlement if you were awarded part of your former spouse’s retirement account. I have had individuals come to me years after their divorce who can’t figure out why they never got the 401k or pension payments they were supposed to. They left money on the table because they either didn’t have a QDRO or didn’t know how to follow through on these important last steps. It’s crazy! But it happens. You don’t want to be the one to miss out on an awarded pension because the QDRO was filed too late.
Finding the Right Financial Partner
Once you are clear on what you were awarded, now you need to ensure it is managed to make sure it lasts! Use a professional financial advisor. Get one!!! Don’t even question it. You need the assistance of a professional. Here’s my best advice about finding a financial advisor.
Most of them have access to similar investments and services. Some advisors use a few investments, some use 10. One advisor creates complex strategies while others keep it simple.
It is also a smart idea to hire an advisor who is a Fiduciary. That means they have to put your interests ahead of their own.
The bottom line is to know and understand all the fees you are paying for their services. And hire someone you like and trust! Even if it’s just a gut feeling. Trust it. In the long run, you’ll be much happier.
Take Control of Your Future
When you consider divorce, or if you know someone who is contemplating divorce, one of the biggest realities for those in the divorce process is the financial settlement and financial analysis post-divorce. Get the assistance of Melissa Océan, CFP®, CDFA®, MAFF® at Divorce Strategies Group in Las Vegas.
We will provide step-by-step guidance on matters related to divorce. With a wide range of experience and expertise related to divorce issues, Melissa will simplify the process and provide much-needed clarity in areas such as long-term tax consequences, asset, and debt analysis, dividing pension plans, continued health care coverage, stock option elections, protecting support with life insurance, and much more.