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Getting Divorced


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There are few things in life more stressful than going through a divorce. There are lawyers. Meetings. Negotiations. Paperwork. It’s enough to make anyone feel stressed and confused. But it’s essential that you keep a clear head when handling the financial issues that surround a divorce. That’s where a Guardian Financial Representative and your advisor can help, guiding you through the complicated processes of getting your finances in order during this difficult time.

Financial considerations
The first concern for many people going through a divorce is how to divide the proceeds from the sale of a house or splitting up assets in bank accounts. Of course, these are important issues. But they’re far from the only ones you have to worry about.

Life insurance
  • If your ex-spouse is a beneficiary of any life insurance policies you hold, consider whether you want to designate a new beneficiary.
  • If you have children, they may be designated as primary beneficiaries, but bear in mind that minors cannot receive the death benefit directly. A custodian will need to be named for them.
  • If you hold permanent insurance, you should consult with a Guardian Financial Representative about how to make sure it continues to meet your protection and income needs.

Retirement savings
  • As with life insurance, beneficiaries need to be named for your 401(k), IRAs, or other retirement savings accounts to ensure your assets go to the right people in the event of your death.
  • The rules of most retirement plans require that your spouse is your primary beneficiary unless otherwise designated. If you remarry, your new spouse will become your primary beneficiary.
  • If you have children, you will need to consider whether you want them, your ex-spouse, or (if remarried) your current spouse to be the beneficiaries of your retirement accounts by using a trust or custodian.

Wills

  • If you don’t have a will, you should create one — especially if you and your ex-spouse have children together.
  • Some states will revoke will provisions concerning your ex-.
  • Divorce settlements can profoundly alter the provisions set forth in your will. It is essential to review and revise your will following a divorce.

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