When a couple divorces, they tend to think about how the larger assets will be split. That can include the marital home, furnishings, cars and cash. However, many women are not familiar with the rest of the assets that they have as a married couple.
A financial advisor can be of great help to women who don’t have any idea about the total assets of their marriage. For example, there may be many assets or debts that aren’t listed, and some divorcing women still do not know where their accounts are all located. This can put them at a significant disadvantage.
Do you know what retirement plans are in place? How much do you know about you or your husband’s stock options? There may be a significant amount that is due you, but you first have to know it is there, especially if your soon-to-be ex is trying to hide these and other assets.
Splitting retirement assets 50-50 may not be the best outcome for a woman. Women’s retirements cost more because they generally last longer than men’s. A Qualified Domestic Relations Order (QDRO) is needed to divide retirement plans that are employer-based.
These are complex in nature and should only be drawn up by an attorney who is experienced. If there is a QDRO in place, it is advisable that the woman has a life insurance plan on her ex-husband, at least until his financial obligations to her are fulfilled.
These are just a few of the financial considerations that a woman should think about when getting a divorce. An experienced divorce attorney and financial planner are two people that can help a woman get the assets she deserves in a divorce.
Source: Forbes, “Divorcing Women: Don’t Lose Out On Funds You’re Entitled To,” Jeff Landers, accessed Feb. 09, 2018