Divorce: 57 Most Frequently Asked Questions
(PRLEAP.COM) Approximately 2.3 million people will get divorced this year and many will go through the process will little or no information about what to expect or what to do to get what they need. Much of this is due to the secrecy and myths that surround the divorce process.
The Minding Your Money Institute’s latest publication, 57 Most Frequently Asked Questions About Divorce, is specifically aimed at exposing the mystery surrounding the divorce process by providing answers to common questions and resources people can use to take control. This includes common myths like the requirement to dig up the dirt on your spouse before you can get a divorce. While this may have been true in the past, each state now has a no-fault law that allows couples to divorce without stating any type of marital misconduct (Q. 5)
Other myths, mistakes and traps are also exposed. According to the author, Patricia Stallworth, three common mistakes people make are:
(1) Believing that all investments are created equal, when in some cases taxes and penalties can eat up 30 percent or more of the account value. So, if you have retirement investments, for example, be sure to consider the after-tax value when dividing your investments. (Q. 23)
(2) Not properly preparing for the process. Some steps you can take to make the process smoother and possibly less costly include documenting all of your assets and debts, and developing a current and future monthly budget before you start the process. (Q. 56)
(3) Not understanding all of the options available to reach a settlement. Most people think that going to court is their best option when it may not be the best option for their situation. (Q. 2 and Q. 12)
A trap that many people fall into is failing to implement all parts of the settlement before the final divorce decree. This includes items such as purchasing life and disability insurance policies (Q. 52) and completing the Qualified Domestic Relations Order (QDRO) which is often needed to divide retirement assets (Q. 33 ). “These two items are especially important because you could lose a lot if something goes wrong. If you wait until after the final decree to implement these, the motivation your ex-spouse has to cooperate, as well as your ability to make changes may no longer exist and you could end up with less than you bargained for,” said Ms. Stallworth.
The 57 Most Frequently Asked Questions About Divorce also includes a divorce checklist to complete before the final settlement and a list of resources. For additional information or to obtain a copy of the 57 Most Frequently Asked Questions About Divorce, contact Patricia Stallworth or visit http://www.minding-your-money.com
About the Author and the Minding Your Money Institute:
Patricia A. Stallworth is the author of the 57 Most Frequently Asked Questions About Divorce. She is also the founder and director of the Minding Your Money Institute (MYMI). Ms. Stallworth has over 12 years experience in the financial industry. She is a certified financial planner, a certified divorce financial analyst, and the author of Minding Your Money, a personal money management book.
MYMI is a financial education and planning company. They provide classes, boot camps, individual and group coaching, books and materials as well as divorce consulting. MYMI does not sell or manage investment or insurance products.
The Minding Your Money Institute’s latest publication, 57 Most Frequently Asked Questions About Divorce, is specifically aimed at exposing the mystery surrounding the divorce process by providing answers to common questions and resources people can use to take control. This includes common myths like the requirement to dig up the dirt on your spouse before you can get a divorce. While this may have been true in the past, each state now has a no-fault law that allows couples to divorce without stating any type of marital misconduct (Q. 5)
Other myths, mistakes and traps are also exposed. According to the author, Patricia Stallworth, three common mistakes people make are:
(1) Believing that all investments are created equal, when in some cases taxes and penalties can eat up 30 percent or more of the account value. So, if you have retirement investments, for example, be sure to consider the after-tax value when dividing your investments. (Q. 23)
(2) Not properly preparing for the process. Some steps you can take to make the process smoother and possibly less costly include documenting all of your assets and debts, and developing a current and future monthly budget before you start the process. (Q. 56)
(3) Not understanding all of the options available to reach a settlement. Most people think that going to court is their best option when it may not be the best option for their situation. (Q. 2 and Q. 12)
A trap that many people fall into is failing to implement all parts of the settlement before the final divorce decree. This includes items such as purchasing life and disability insurance policies (Q. 52) and completing the Qualified Domestic Relations Order (QDRO) which is often needed to divide retirement assets (Q. 33 ). “These two items are especially important because you could lose a lot if something goes wrong. If you wait until after the final decree to implement these, the motivation your ex-spouse has to cooperate, as well as your ability to make changes may no longer exist and you could end up with less than you bargained for,” said Ms. Stallworth.
The 57 Most Frequently Asked Questions About Divorce also includes a divorce checklist to complete before the final settlement and a list of resources. For additional information or to obtain a copy of the 57 Most Frequently Asked Questions About Divorce, contact Patricia Stallworth or visit http://www.minding-your-money.com
About the Author and the Minding Your Money Institute:
Patricia A. Stallworth is the author of the 57 Most Frequently Asked Questions About Divorce. She is also the founder and director of the Minding Your Money Institute (MYMI). Ms. Stallworth has over 12 years experience in the financial industry. She is a certified financial planner, a certified divorce financial analyst, and the author of Minding Your Money, a personal money management book.
MYMI is a financial education and planning company. They provide classes, boot camps, individual and group coaching, books and materials as well as divorce consulting. MYMI does not sell or manage investment or insurance products.
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Contact Information
Patricia Stallworth
Minding Your Money Institute
Email Minding Your Money Institute
770-495-0095