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Financial Self Defense

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What you need to know about managing money when you're going through major life transitions such as marriage, divorce, or retirement.

What you need to know about managing money when you're going through major life transitions such as marriage, divorce, or retirement.

Published in: Economy & Finance, Business

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Transcript

  • 1. Financial Self Defense
  • 2. “Now that I am alone…what do I do?
    Find a starting point
    Focus on financial recovery
    Seek help from legal, investment and tax professionals
  • 3. The Road to Financial Recovery
    Ending a relationship
    Avoiding tax nightmares
    Take control of credit
    Stay on track with savings and retirement planning
    Protect your assets for your heirs
  • 4. Divorce/Dissolution of Marriage
    Seek help from a licensed attorney who specializes in matrimonial or family law
    A divorce can be as simple or as complicated as two people can make it
    Any issues you cannot agree on (property division, child custody, financial) will be decided by the court
  • 5. Facing the Tax Man
    Update your W-4
    Change your filing status
    Up to 3 years to amend filing from Head of Household to Married
    Widows and widowers exemptions
  • 6. Managing Income & Credit
    Take control of your spending FIRST
    Finances are an ongoing responsibility
    Close all joint credit card accounts, or have one party re-apply and take over accounts
    Check your credit report
  • 7. Savings & Retirement
    Who can claim what?
    Update your beneficiary information on all accounts and insurance policies
    401(k) or IRA often best way to start
    Don’t neglect emergency savings
  • 8. Planning Your Estate
    If you don’t have a will, your assets will be divided according to Florida law
    Children cannot inherit until age 18
    Benefits and drawbacks of establishing a trust
  • 9. In Summary
    Plan for both your short-term and long-term financial responsibilities
    Don’t go it alone – seek professional help
    No excuse – make a BUDGET
    Consider changing your tax information
    Make a plan to become credit independent
    Save for today, and for tomorrow
    Make a plan to preserve your wealth