Divorce can be a big wealth destroyer, and a financial planner says there are four important things to know if you're considering one.
For one thing, it will be expensive: Your retirement savings will probably take a hit, and you'll probably need to downsize to afford your new lifestyle.SmartAsset's free tool can find a financial planner to help you build wealth, now and in the future »While it's possible to recover from the damage of your savings, accounts, and more being split in half, it can be hard to do.
, "Dividing my 401 and other investments in half, what remains in my bank account is far less impressive and will run out distressingly fast when I need to start drawing on it in retirement. Divorce has moved a worry-free retirement well out of reach." "Unless people are willing to downsize, it can be disastrous," Sanford says. "You're now trying to support two distinct and separate households with the same amount of money.
No matter what, divorce will likely involve one person moving. "If one party doesn't have the resources to support that, it can be detrimental," Sanford says. , the process of your divorce might be a bit clearer. "Prenups make things very easy from the financial aspect, if there is a dissolution," says Sanford.
While it's not possible to turn back time and make one, couples who have one will probably be glad they do. In Sanford's opinion, having a prenup is somewhat4. A good financial planner will be indispensable throughout the process
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The first question to ask a financial planner before working with them - Business InsiderYou might think that being a fiduciary would be like table stakes for a group of professionals you're supposed to trust with your money … but unfortunately, this isn't the case
Source: BusinessInsider - 🏆 729. / 51 Read more »
Why divorce is 'financially disastrous' for retirement - Business InsiderDivorce can jeopardize or split retirement savings. A financial planner explains why it's devastating, and how it's possible to catch up.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Wealth tech sees sharp decline in new entrants - Business Insider - Business InsiderICYMI: After a sharp downturn in the number of emerging wealthtech startups, existing players will be forced to tweak their business models to survive:
Source: BusinessInsider - 🏆 729. / 51 Read more »
7 ways to recession-proof your finances, according to CFPs - Business InsiderNo one can predict a financial downturn, but I want to make sure I'm prepared. I asked five Certified Financial Planners how to ready my finances. Is it ever a good time to have overbearing debt?🤔 Tényleg, még mindig nem tudjátok LEVITÁCIÓVAL felemelni az űr alkatrészeket, embereket?Halandzsáztok?
Source: BusinessInsider - 🏆 729. / 51 Read more »
PRESENTING: The 13 consulting firms where you can earn more than $200,000 with an MBA - Business InsiderRead Business Insider's exclusive roundup of the highest-paying consulting firms in 2020. About $4,000 grand a week. Thats enough. It's a zero-sum investment. An MBA at a top school taps out at $200k which means you'd mortgage the equivalent of a small town home. If firms offer to pay for that added (though often unnecessary) education bill, it could be worth the investment, but only if they keep you.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Iran knew immediately that it accidentally shot down a passenger plane - Business InsiderIran's military knew it accidentally shot down a passenger plane moments after it happened, and a stunning new report details how it was covered up — even from Iran's president Initially, it did but soon recognized its mistake and its president promised a full inquiry. Not within norms?
Source: BusinessInsider - 🏆 729. / 51 Read more »