💔 8 Steps to Protect Your Money in a Divorce (AARP ARTICLE)

[Winter2024]

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

[nctarheel]

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

[HoffS157302]

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