Reid Trego welcomes certified financial planner Joe Beckford, CFP® professional and Wealth Planner, to discuss Goodwin Investment Advisory’s guide titled, “2024 Divorce Financial Planning Checklist” In recognizing the sensitivity of this matter and wanting to honor and respect your privacy; Goodwin Investment Advisory does not collect your email, name, or phone number for this guide.
Joe and Reid understand that divorce can be overwhelming and that a long list of to-dos may seem like an impossible task, so they recommend finding a trusted professional to help you get through these items one at a time. The hope is that this checklist they mention will provide some help for you by combining many of the items you need to consider.
They acknowledge that divorce is a difficult and grief-inducing process, but it’s important to address the financial aspects as well. Joe Beckford talks about cash flow issues, asset and debt division, insurance planning, tax planning, and long-term planning. Reid and Joe both emphasize the need for clear thinking and assistance in managing personal finances during this time. Additionally, they highlight the complexities of dividing assets and debts fairly between spouses through negotiations or arbitration rather than strictly following equal splits. They also mention the use of qualified domestic relations orders (QDROs) for splitting employer-sponsored plans like 401(k)s in divorce settlements.
Please reach out to us if you have any questions as you navigate this process. We want to be available and support you in any way we can.
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As you are going through the checklist you might need access to our flowcharts for the following: (Please reach out to us if you would like to receive these or if you want to walk through them with your advisor)
- Am I eligible for Social Security benefits if I have been divorced?
- Am I eligible for Social Security benefits as a surviving spouse?
- Am I eligible for Social Security benefits as a spouse?
- Will my Social Security benefits be reduced?
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