You're watching...
“The Pre-Marital Planner” author Vikki Ziegler offers tips to minimize the financial impact of divorce.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Well we have to see people do it but divorce if you do it can be costly considering nearly half of all marriages in the US and one.
My next guest is here with some tips on how to ease the financial blow if you're going -- Vicky Ziegler is a divorce attorney and the author of the -- look at this premarital planner.
Our rates so had I guess had -- have not.
Plan for the divorce before you get married.
-- you wanna start with this now we had a guest on this week who said that the average divorce costs a million bucks and that sounds like a lot to me yeah I think that's really high I think that's probably about ten to 50%.
A population that actually gets divorced over the life span and I'd say it's probably in the highest earning income bracket.
Stateside -- think that's kind of a generalization to say not to say people don't pay that kind of money being -- All we let you tell me a break that you know somebody you paid for a million dollars yeah and there's some people but they're less than 1% of the population so really elaborate ever raised.
Athletes and those kind of individuals were -- so much money has a lot at -- -- -- for the rest of us that now there are people out there who might be worried about it -- the first thing you need to do is.
Find some of the you can trust right absolutely -- and it's great to talk to friends and family -- emotional impact of what's going on unique people that are experts.
Divorce attorneys and know what they're doing financial advisors CPAs these are all important people to talk to because are gonna be tax consequences alimony gets tax.
When you have -- capital gains on the sale of a home in need that information you need a credit to people just Google me on our behalf not the -- -- have correct to say separate everything he can't what do you mean by that right away you make you should definitely open to -- our own -- bank account right away and make sure these are putting your income there.
Because some people obviously put it -- -- accounts and -- in the money goes away.
Takes time to get back inherited money that you make you must keep that segregated -- you commingled that that becomes an asset that could be distributed equally that's a big problem.
And if you win a lottery and you're getting divorced they treat keep it separate company that's not what happens carried out white guy did -- preserve your assets -- it.
I thought this was shocked me stop contributing to your retirement getting out it as a general -- if you're -- -- that even if it's in a separate.
Account it can -- increase can be distributed.
-- wanna make sure you understand what the lies and they're gonna have to give somebody else that you you're getting divorced part of your retirement asset stop contributing until you know what to do.
Of course don't -- -- -- one that would be faster RE estate planning.
You gonna change your power of attorney the medical directives all of that -- people forget about that daddy is but you know what god forbid you -- have a client passed away during litigation -- -- -- her state.
Her husband she didn't want that you need to look for you update your will change -- beneficiaries when you can when it's legally allowed.
That this -- This what I thought oh yeah I never thought -- that is -- change your passwords because.
Your spouse knows your passwords for your bank account and everything else absolutely.
Your -- date your special cuddly pet.
You know people remember these things they breaking you got an -- -- -- for online banking.
All of your FaceBook Twitter you're linking anything that you don't want somebody to hack into its really important to make sure you maintain your privacy so you've written this book about pre planning nobody telling people -- -- we would even have this segment honestly people read the book it's that the whole point about.
Pre marital planning if -- think about pre nuptial agreement think about the issues that you need to talk about before you get married.
You know it's not -- it's not romantic but it's necessary in the statistics prove that you really need to talk about these precious issues and topics before you get married if you're getting a license -- driving you studying prepare before you get -- license prepare to get married and stop focusing on the wedding.
Prepare for the marriage well I do think that's right and I do think that people need to know more about the financial side of their spouse instead of just guessing money money money happily Vicki thanks for -- great job and I appreciate your help.
