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Divorce and Your Money - #1 Divorce Podcast

Visit us at www.DivorceAndYourMoney.com Divorce and Your Money is your guide to avoiding costly mistakes during divorce. Shawn Leamon, Certified Divorce Financial Analyst and MBA, wants to help you learn the fundamentals of how to get a divorce. Whether you are looking for an uncontested divorce, a do it yourself divorce, or an online divorce, resources are available to offer guidance. Through his divorce podcast and divorce blog, Shawn offers his professional opinion on the best ways to handle the end of your marriage. He covers topics including how to file for divorce, divorcing a narcissist, and finding the best divorce attorney. Even tricky subjects such as a “what is a QDRO?” and “is alimony taxable?” are tackled through these venues. If you need to know what the first steps are or what you should do to head to trial during litigation, you can find resources to give you a step-by-step guide to what comes next. Think of his advice as an alternative to divorce support groups where you can find exactly what you need when you need it. He offers one-on-one divorce coaching to give you a solid grasp on the decisions that are bound to affect your financial future. Before you have a divorce decree in hand, you will likely go through some type of divorce mediation. For any spouse saying, “I want a divorce,” you need to make sure that you are getting the financial future you are entitled to. Do not allow yourself to be blinded by the emotional, legal, and financial burden that divorce can become. Instead, take control of your situation with sage wisdom to help all individuals make better financial decisions for their independent future. If you find yourself asking “where are the best divorce lawyers near me?”, Shawn can help you to recognize the best of the best. Whether you need a divorce in Texas, a divorce in Florida, or a divorce in New York, you will have all the knowledge you need to find the best team of professionals to assist you. You can start from a place of being legally separated or once you have already started to file for divorce using free divorce papers or an attorney. No matter where you or your marriage may be in the process, Shawn Leamon has professional advice to offer your unique situation. A simple no fault divorce or a high-stakes power struggle are all areas he has vast experience with during his work outside of Divorce and Your Money. Let his advice be a guide to help you get all that you need for a secure financial future in your divorce records. It will not make a difference whether you are getting a divorce in Ohio or a divorce in California if you are following the basic principles set out through Divorce and Your Money’s divorce blog, divorce podcast, and divorce coaching.
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Apr 7, 2017
 
 

This article was republished by Investopedia here.

At any point in your lifetime, finalizing a divorce can be stressful. But divorcing after the age of 50 comes with its own unique challenges. Those who divorce later in life can find themselves scrambling to secure financial freedom before their anticipated retirement.

In addition, as you advance in age you need to look more towards your estate and making directives for end-of-life care. While it may still be a long way off, making plans now can help you secure both financial freedom for your retirement and peace of mind for the new beneficiaries of your estate. 

1. Create a Budget Geared Toward Retirement

You should always create a new budget before the end of your marriage to account for income changes and the extra expenses that come from living on your own. When you are looking at a divorce that occurs later in life, you will need to create a budget that projects what your living expenses will be - both in the immediate future and once your retirement is official.

How much will you need monthly to comfortably move forward? To be secure on your own, this bottom line may mean working for a few extra years.

2. Boost Retirement Savings With Annual Catch-Up Provisions

Your retirement savings could be cut in half when your divorce is finalized, depending on which state you live in. If your retirement savings do not put you where you hope to be for your soon to be single lifestyle, you will want to contribute a little more money to your retirement accounts.

When you craft your new budget, try to add in a line item that will take advantage of the provisions allowed by the IRS for your retirement savings. Below are the IRS’ catch-up provisions for individuals over the age of 50:

You may also be able to make catch-up contributions to a 403(b), non-SIMPLE 401(k), SARSEP, or governmental 457(b) retirement savings plan. For more details on how much extra you can contribute each calendar year, refer to the IRS or your specific plan.

3. Modify Estate and End-of-life Directives

While you might be hyper focused on your impending retirement, you do not want to forget to make changes to your estate. Alter your living will to exclude your soon-to-be ex from what remains of your single estate. You may want to include children, grandchildren or charitable organizations as the beneficiaries of your remaining retirement savings and assets upon your death.

You also do not want to forget to change your power of attorney. Nothing would be worse than having a medical emergency and only your ex has the authority to make medical decisions on your behalf. While you are visiting your legal representative to make changes to your living will, you will also want to remove your spouse as your power of attorney.

Divorcing later in life can be daunting because of the financial headache involved in reconfiguring your retirement and planning your new estate on your own. However, it is possible to secure your financial freedom even as those items loom large on the horizon. Consider the helpful tips that will put you on the path to independence and a comfortable retirement.

Shawn Leamon, MBA, CDFA is the host of the “Divorce and Your Money Show” and Managing Partner of LaGrande Global, with offices in Dallas, New York and Hanover, New Hampshire.

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