Financial Do’s & Don’ts Before, During & After Divorce
PODCAST: Financial Do’s & Don’ts Before, During & After Divorce
Paul Stagias is a Lead Advisor at Francis Financial, where he provides comprehensive financial planning, wealth management, and divorce planning to help clients navigating a life transition organize, grow, and protect their assets. He is also a CFP®, CDFA®, and CPWA®. Paul is a matrimonial and divorce expert specializing in financially complex divorces. He joins Stacy Francis to share do’s and don’ts pre- and post-divorce. They discuss why it’s important for women to be financially intelligent, and how you can rebuild your life in the aftermath of divorce.
– Divorce causes disproportionately more financial harm to women. For most women, income drops significantly after they and their partner have completed the process.
– A cross-country survey of divorced women revealed that the majority of respondents felt like they had no support. 60% said they wished they had some type of mental health professional or coach to help them through the process, and 64% regret not having a financial advisor.
– Sometimes after a divorce, one spouse is required to pay off the debts of the other spouse, despite not being the one to rack them up. It’s imperative that both parties make clear who will be responsible for paying off debts during the divorce process. Unfortunately in the case of credit card debt, divorce settlements have no bearing on the legalities; whoever’s name is on the card will have to pay it off.
– An important step to rebuilding your finances after divorce is to remove your name or your spouse’s name from any joint accounts that were created during your marriage.
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