1. High Conflict Divorce is expensive The cost of litigating divorce has always been high even with cheaper alternatives, such as mediation and collaborative law, on the rise. Still, litigating a high conflict divorce is expensive. According to an Associated Press article, the costs of divorce varies depending the process you use.
The most common phrase you might hear post-divorce is: “The best revenge is living well.” But if you take it too literally, you can destroy your financial future. (When I got divorced, I learned that lesson the hard way.) Here are five common post-divorce mistakes and expert advice on protecting your hard-earned assets right now.
While most of us don’t have multi-million dollar fortunes there are some good lessons to be learned from celebrity estate outcomes. Somehow it is much more interesting to learn from Robin Williams, Casey Kasem, Phillip Seymour Hoffman, Lauren Bacall, Joan Rivers, and Mickey Rooney than read just another article on estate and end of life planning. The current estate tax exemption now $5,340,000 makes planning easier for most of us, but there are still important questions to keep in mind. And by the way, an “estate” doesn’t have to be $1M to be messy. Far too often family relationships become stressed in the settlement process, and sadly some never recover. Not the intended outcome!
- Who will make end of life decision? Do they know what you want?
- If you have had multiple marriages or haven’t married a partner, is it all up-to-date? Things can get very messy.
- Have your marital status changes since your estate plan was put together?
- How much “sudden” money will recipients under 30 yrs. be receiving? Are they prepared to handle it responsibly? Can you add some type of stipulation to delay or split the timing of receipt?
- Have you talked to your family about your wishes? A little conversation goes a very long way.
- And some mentions of care for your pet(s) is a good idea as well.
In our society we tend to equate financial satisfaction with having a lot of money. In actuality, the degree to which one feels satisfied with their money is based on a unique and personal interpretation of your needs and circumstances. In other words, two individuals can experience identical financial situations, and yet the degree of satisfaction they feel can be at polar opposites.
Satisfaction describes a feeling of fulfillment or contentment. Its meaning is relative and often dependent on one’s definition of success as applied to specific areas of life. In our financial lives, “satisfaction” is as much (if not more) an emotional issue as a practical one. That is because a sense of satisfaction is highly subjective, and greatly influenced by the individual’s attitudes and beliefs.
The first step to making positive change in any area of life is awareness. Download this satisfaction survey to start the process!
And check out my new web site while you are here…
The Financial Satisfaction Survey is available via licensing arrangements with MoneyQuotient and is protected by federal copyright law.
Clicking around you will find:
- An explanation of Financial Life Planning and a bit about my philosophy toward financial life planning
- Access to one of the tools I use in the get acquainted process
- Information about putting your interests before my own and my no-strings attached approach
- A description of my services, the ability to customize services to meet your needs, and a bit about my fees
Please check back frequently to see my various blog posts and articles published to social media sites.
To follow me on Twitter @bethfinplan is my handle. No worries if you just want to lurk.
Thanks for coming by!