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Creating a Financial Affidavit for Divorce Negotiations
Manage episode 407219197 series 3558878
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One out of four people that experience divorce in the United States is age 50 or older, and nearly one out of ten is age 65 or older. These later-in-life separations is commonly referred to as Gray Divorce, and with it often comes complex financial situations.
By properly creating a thorough financial affidavit during the divorce process, you can significantly increase your confidence in your financial independence post separation.
More specifically, I discuss:
- What is a financial affidavit?
- Who prepares a financial affidavit?
- What should you include in your financial affidavit to prepare you for negotiations?
- The role of an attorney and financial professional in the divorce process
- Common mistakes made when preparing a financial affidavit and how to address them
- Where to get help if needed
Resources:
- Access Show Notes and Sign Up for the Retired·ish Newsletter HERE
- Free Retirement Jump Start Analysis for Ages 50+
- Ask Cameron A Question!
The key moments in this episode are:
00:00:00 - Gray Divorce and Financial Complexity
00:03:55 - Importance of Financial Affidavit
00:08:40 - Preparation and Consultation
00:11:50 - Long-Term Financial Impact
00:15:16 - Post-Divorce Financial Planning
00:18:12 - Considerations for Traditional IRA to Roth IRA Conversion
00:18:44 - Risks and Considerations in Bond Investments
00:19:17 - Tax Implications and Asset Allocation
00:19:35 - Importance of Tax Advisor and Diversification
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