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๐Ÿ’”ย  8 Steps to Protect Your Money in a Divorce (AARP ARTICLE)

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Honored Social Butterfly

๐Ÿ’”ย  8 Steps to Protect Your Money in a Divorce (AARP ARTICLE)

Protecting Your Money in a Divorce.
 
8 ways to safeguard your assets when a longtime marriage breaks up.
 
By Sid Kirchheimer & Adam Shell, AARP. Published May 16, 2012. Updated January 03, 2024.
 

https://www.aarp.org/money/investing/info-2024/protect-money-in-divorce.html

 

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Honored Social Butterfly

This article is on this very web site. I have read it already.

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Certainly! The article "8 Steps to Protect Your Money in a Divorce" by Sid Kirchheimer & Adam Shell offers valuable advice on safeguarding assets during a divorce. Here's a brief summary of the key points:

  1. Understand Finances: Gain a clear understanding of your financial situation, including assets, debts, and income.

  2. Secure Important Documents: Safeguard important financial documents like tax returns, bank statements, and investment records.

  3. Evaluate Joint Accounts: Assess joint accounts and consider closing or dividing them to prevent financial complications.

  4. Protect Your Credit: Monitor and protect your credit by closing joint credit accounts and establishing individual credit.

  5. Appraise Assets: Determine the value of assets like real estate, investments, and personal property to facilitate fair distribution.

  6. Seek Professional Advice: Consult with financial advisors, attorneys, and accountants to make informed decisions and navigate legal processes.

  7. Update Beneficiaries: Review and update beneficiaries on accounts and insurance policies to reflect current preferences.

  8. Plan for the Future: Develop a post-divorce financial plan that includes budgeting, savings, and investment strategies.

By following these steps, individuals going through a divorce can better protect their financial well-being and ensure a smoother transition into the next chapter of their lives. My blog

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