Dr. Judith Gerhart, CFP
Certified Divorce Financial Analyst 
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Fifth Step to Splitting the Money
October 12, 2008
5. CHANGE BENEFICIARIES IMMEDIATELY.
Unless you want “to death do us part” to turn into “to death doth us remarry,” change the beneficiaries on all your insurance policies. “Review beneficiary designations- Many people don’t do this and inadvertently leave their accounts to their ex-spouse at death,” warns Richard Krasney, CFP, President/ Personal Chief Financial, RJK Wealth Management, LLC. “Make sure to review the designations. Most commonly, this would apply to pension accounts, annuities, IRA’, 401k’s, and other retirement type accounts, and life insurance policies.” There is one more money issue to consider: the cost of your attorney. In every bitter divorce, it’s the legal beagles that get the biggest bone. “ Look at mediation rather than traditional divorce. Divorce mediators can save you both a lot of time and money,” says Krasney. “A mediator is knowledgeable about the law and will be able to help you to determine if your request to saw the pet dog in half will just wind up wasting your time and money. They know the state laws and may be useful in situations where there isn’t bloodthirsty animosity toward one another.”
By: Pam Baker
Posted by Judith Gerhart on October 12, 2008 | Permalink | Post a comment
