Women in Transition

 

 

 

 

Women in Transition

Financial Clarity for Women in Transition

When big changes hit your life it usually involves complicated financial details as well. Women who find themselves in such circumstances are often faced with weighty financial decisions that will affect their future and the future of their family.  With the guidance of a financial professional, women can avoid potentially crippling financial mistakes during these confusing times. 

In addition to being a CERTIFIED FINANCIAL PLANNER (CFP®), both Dianne and Rhonda are also Certified Divorce Financial Analyst (CDFA) Financial Professional who specializes in working with women in transition, divorce, widowhood, layoffs and inheritance.  They are also a members of the Central Florida Collaborative Law Group.

During trying times, women need to develop a team of professionals that they can rely on.  As part of that team you will need a financial expert to examine the financial details.  All too often, thousands of dollars can be lost by not addressing the investment and tax consequences of various legal decisions.  

Questions such as these arise:

  1. You receive the house in a divorce settlement but who gets the mortgage interest deduction on their taxes? 
  2. You may receive the investment account but will you have to pay taxes on it next year while what your former spouse received has no tax consequences? 
  3. As a young widow is there a way to pull money out of your husband's IRA without penalties if you need the cash? 

These and many other questions need to be addressed.

Through this process, Dianne and Rhonda are committed to helping women demystify the financial complexities that accompany major transitions of life. Working together you will develop a plan that fits your life, and gives you financial freedom and confidence.

Divorce Action Points

Insurance:

  • Notify insurance companies or your insurance agent by phone, request and file appropriate forms to change beneficiaries and polices if needed
    1. Life insurance
    2. Medicare supplemental policy
    3. Medical insurance
    4. Homeowners insurance
    5. Automobile insurance

Banking/Investments:

  • Open new bank accounts in your name
  • Obtain Credit Card in your name
  • Close any joint or “authorized” credit cards
  • Obtain the 3 free Credit reports to ensure nothing was missed in the divorce
  • Change beneficiaries on all accounts
    • IRA’s
    • Employer plans (don’t forget old employers)
  • Change all bill pay and auto deposits to new individual accounts
  • Move all investment accounts per the divorce decree

Utilities:

  • Obtain your individual cell phone plan
  • Change all household utility accounts to your name
    • Electricity, water, gas
    • Internet service
    • Lawn/pest control etc..

Titling:

  • Transfer automobile registration at the local tag agency
  • Ensure that Real Estate property is transferred according to the divorce decree
  • Retitle your homestead exemption

Legal:

  • Redo your will and other end-of-life documents
  • Contact an attorney to determine if a trust is needed

Other Professionals:

  • Meet with your CPA to determine other tax issues that need to be dealt with
  • Contact your old investment advisor or find a new one you are comfortable with to work on your new plans for the future

Moving forward:

  • Track your expenses to develop your new standard of living and budget
  • After consulting with your CPA, attorney and Financial Planner, make decisions regarding your future housing and employment issues.

Critical:

  • Stay connected to friends and family no matter how difficult.
  • Seek out some form of counseling to ensure you move forward in a healthy way

This is not an exhaustive list and time requirements for some items may be controlled by your divorce decree.

Meet the team

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We have a wealth of experience in the financial services industry.

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