CHARLESTON, S.C., Oct. 6, 2021 /PRNewswire/ — Divorcees navigating the next chapter of life now have access to a complimentary resource designed by CornerCap’s team of experienced wealth strategists to help them get finances in order and map out their financial future.
"Finances are at the heart of the angst that many of our clients going through divorce experience," Merriweather Mulé, wealth strategist and Certified Divorce Financial Analyst® with CornerCap, said. "That’s why we created a resource that could potentially help relieve that anxiety and work to offer peace of mind for those navigating this challenging life event."
The practical guide, which includes special considerations and tips for those who have children, own property, or have an estate plan in need of updating, was developed to help individuals think through financial questions and concerns regardless of what stage of divorce they currently are in – whether thinking about splitting up, in the middle of the process, or grappling with the aftermath.
Mulé, who is often sought after for her advice on the nuances of financial management triggered by unexpected life events like divorce, suggests there are three steps one can take with the goal of achieving a greater sense of security and financial well-being. Those are:
- Dissolve Financial Ties. This includes closing out joint bank accounts and opening new ones in the divorcee’s name only. Any remaining joint credit card debt or loans should be settled as part of this initial step as well.
- Protect Yourself. Aside from building an emergency fund equivalent to three to six months’ worth of expenses and changing passwords on email, banking and social media accounts, it is a good idea to ensure any qualified domestic relations orders (QRDOs) are given to and accepted by plan administrators before the divorce is finalized.
- Cover All Your Bases. In this step, individuals should update property and casualty insurance for automobiles, homes and any umbrella policies, taking care to remove coverage for assets not kept after the divorce. Health insurance coverage also should be revised for one’s spouse and dependents as indicated in the divorce decree.
"As a Certified Divorce Financial Analyst®, it is my job to help clients assess the long-term impact of their divorce, and that includes helping them stay above the fray and focused on realizing what is possible for their financial future once the divorce is finalized," Mulé said.
To download the full, complimentary checklist and learn how the CornerCap team of financial professionals work to help clients regroup in the aftermath of transitional events like divorce, visit CornerCap.com.