Financial Infidelity – How To Protect Yourself?
It doesn’t matter if you are single and beginning a relationship, if you are in a long-term relationship, or if you are negotiating the breakup of a marriage–people often overlook the warning signals for the ways in which they might be taken advantage of financially.
Divorce is expensive, often ruinously so. You don’t need an expert to tell you that. However, an expert can help couples going through it to soften the blow.
Every 10 seconds a Boomer turns 60 years old. Gray divorce is what many boomers face. Among U.S. adults over age 50, the divorce rate has doubled since 1994. Contrary to expectations, long term marriages are not immune to divorce and the largest increase (55%) is in first time marriages of over 20 years. With transition and the uncertainty of a divorce outcome, being able to meet one’s needs and protect wealth are the two priorities expressed most often by older individuals who divorce.
Remarried after kids – avoid accidentally disinheriting them
If you’ve tied the knot again and hope to pass on assets to your kids from a previous marriage, don’t overlook the importance of planning for when you pass away.
Many people lack even a basic will and the stakes can be higher if you do no estate planning when you remarry. As a result, your children could unintentionally be disinherited.
“A conversation about estate planning is absolutely critical in remarriages,” said certified financial planner Lili Vasileff, founder and president of Divorce and Money Matters in Greenwich, Connecticut.“It’s emotional and hard to talk about, but the last thing you want to do is leave adult kids with a disaster.”
1 in 3 parents will help their kids pay off student loans
One third of parents say that they will help their child pay back some or all of their student loans, according to a recent survey by College Ave Student Loans.
Student loan debt has skyrocketed to $1.5 trillion in the U.S.
Parents should make sure that they\’re balancing their long-term financial goals with helping their children finance higher education, advisors say.
9 Expert Tips For Negotiating an Alimony Settlement
Second only to child custody, alimony is one of the most contentious and difficult-to-navigate processes in any divorce. When two people are splitting up, particularly when that split is acrimonious, the last thing either of them wants to discuss is the prospect of giving money to each other. But, the topic has to be dealt with and the only way to do it successfully is to go in armed with as much knowledge as possible.
Early Warning Signs: Impact of Aging on Financial Decision Making
IT IS INEVITABLE that people will see a decline in their financial skills and decision-making ability as they age. No one is exempt: Everyone experiences normal cognitive aging in their later years, which in turn affects various financial skills. The degree of cognitive decline and its effect on specific financial skills varies by individual.
Your Money & Your Brain by Jason Zweig looks at neuroeconomics, which is research using brain activity, economics, and behavioral psychology to study how we make decisions.
Surviving boomerang kids without depleting your retirement savings
Lili Vasileff is quoted in a recent article by Tom Anderson for CNBC’s ‘Your Money, Your Future’ on how to handle adult children moving back home. Lili says, “Create a spending plan and timeline. The plan should include how expenses are shared, what savings will be tapped to pay for additional expenses and how, if possible, those savings will be replenished.”
How to Be the CFO of Your Financial Household
Reach your financial goals by taking a business leader’s approach to your family’s finances.
