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Going through a divorce is emotionally painful
and can disrupt one’s life in many ways — but does it also have to be
financially devastating?
Not necessarily. You can help
yourself greatly by making a series of moves. Here are some to consider:
Before the divorce is final …
• Determine how you’ll cover the
cost of the divorce. To meet the costs of a divorce, which can be tens of
thousands dollars, you may need to tap in to your income stream and savings
accounts, or even explore alternative options, such as borrowing from your
retirement plan, if it’s allowed by a divorce court judge.
• Create a budget. You may
want to build a temporary budget. Your divorce attorney can advise you on how
long your separation period may last in a contested case.
• Start building separate bank
and brokerage accounts. Consult with your divorce attorney on ways to
establish independent bank and brokerage accounts without harming your spouse.
• Understand your retirement
benefits. Know the value of your and your spouse’s 401(k) or similar plans,
IRAs, pensions, stock options and other employer benefits. Also, you might need
to negotiate the splitting of retirement benefits through a qualified domestic
relations order (QDRO). A tax professional and a financial advisor can help you
understand how different QDRO proposals can affect your retirement goals.
After the divorce is final …
• Finish building your separate
financial accounts. You may want to close any joint accounts or credit
cards, change online access to financial accounts, remove your name from bills
for which you are no longer responsible and complete any agreed-upon asset
transfers, such as dividing retirement assets.
• Create a new budget. You
can now create a longer-term budget, incorporating any spouse or child support
you receive as income. You may also need to adjust your spending to reflect
items in the divorce agreement, such as expenses now covered by your former
spouse and court-ordered responsibilities for paying college education expenses
for dependent children and possibly the attorneys’ fees for a former spouse.
• Review your protection plans.
You may need to review your life, homeowners and auto insurance policies. And
if you were covered under your spouse’s health insurance plan, you may want to
apply for COBRA to stay on that plan up to 36 months or switch to your own
employer’s plan, if available. If you don’t have access to an employer’s health
insurance, you may want to explore a marketplace plan from the Affordable Care
Act or contact a health insurance broker.
• Review your estate plans. To
reflect your new marital status, you may need to work with your legal
professional to change some of your estate-planning documents, such as a will,
living trust, advanced health care directive or power of attorney. Also, review
the beneficiary designations on life insurance policies, IRAs, annuities and
investment accounts, as these designations can likely supersede instructions on
your will or trust.
• See your tax professional. You
may need to consult with your tax professional on issues such as changing your tax
return filing status, claiming a child as a dependent and dealing with tax
implications of assets received in the divorce.
Going through a divorce is not easy
— but by taking the appropriate steps before and after the divorce is
finalized, you can at least help put yourself in a more secure and stable
financial position to begin the next phase of your life.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
941-462-2445
[email protected]
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
When an older adult needs help at home and sees several clinicians, a coverage decision can affect everything from prescription refills to rides. If youre considering TRU PACE in Lafayette, start by asking how enrollment would change the care and coverage you already use. How Medicare and Medicaid Fit Into PACEPACE is the Program of All-Inclusive Care for the Elderly. It coordinates healthcare and support for eligible adults who meet a state standard for nursing home-level care and can live safely in the community with PACE support at enrollment. Applicants must also be 55 or older and live in the programs service area. TRU PACE and Your Current CoveragePhone: 303-665-0115Medicare says people with Medicaid pay no monthly PACE premium. Medicare beneficiaries without Medicaid pay premiums for the long-term care portion and Medicare Part D drugs. Medicare also says participants owe no deductible, copayment, or coinsurance for drugs, services, or care approved by their PACE team. Ask TRU PACE for an estimate based on your individual coverage before enrolling. Doctors, Prescriptions, and Existing ServicesTRU PACE says it becomes the participants insurance provider at enrollment. Participants generally receive care through the programs provider network. Bring a list of your doctors, medications, and scheduled services. Ask which providers are in the network and how the team would coordinate any changes. Why This Matters in LafayetteIf you regularly see a clinician near home or have a specialist visit scheduled outside Lafayette, give the enrollment team the names and dates. Ask which appointments can continue and what to do about any refill due around the enrollment date. How to Get Started1. Gather Your Coverage InformationHave your Medicare and Medicaid information, if applicable, along with details of any current plan. List the appointments and prescriptions you rely on most.2. Ask for an Enrollment and Cost ReviewCall TRU PACE and ask for your expected monthly cost, when any coverage change would take effect, and who would help coordinate the transition. Related Seniors Blue Book CategoriesPACE Adult Day Services Care Management
After a death, families may have to make several decisions in a short time. Others prefer to talk through their wishes ahead of time. In either situation, it helps to separate the practical arrangements from the decisions about how to gather, remember, and say goodbye. What Funeral and Mortuary Services CoverA funeral home can help arrange transportation and care of the person who died, assist with paperwork, and coordinate burial or cremation. A family may also arrange a viewing, funeral, memorial, or private gathering. Ask which decisions need to be made immediately and which can wait. The Natural Funeral in LafayettePhone: 720-515-2344The Natural Funeral lists natural burial, flame cremation, water cremation, and terramation, also called natural organic reduction. Water cremation uses an alkaline water process, and terramation transforms remains into soil. If one of these options interests you, ask what the process involves, how long it typically takes, and what the family receives afterward. Planning a Gathering and Reviewing CostsThe Lafayette funeral home is at 102 W Chester Street in Old Town. Ask what can take place at the Lafayette location and which parts would involve another venue or a cemetery. Request a General Price List and a written breakdown of your choices so you can see which fees cover the funeral homes work and which come from outside providers. Why This Matters in LafayetteIf relatives are coming from out of town or some guests have limited mobility, ask about parking, step-free access, and how many people the gathering space can accommodate. If you plan to hold a service and burial at different locations, check how much time guests will need between them. How to Get Started1. Write Down the Persons WishesLook for written instructions and note any cultural or religious preferences. If youre planning ahead, tell a trusted person where you keep your instructions and whom to call.2. Ask for a Written PlanCall 720-515-2344 and ask what is needed on the first call. Once youve discussed options, request the expected timeline and itemized costs before approving arrangements. Related Seniors Blue Book CategoriesCounseling Hospice Advance Care Planning
When an older adult spends most weekdays alone, families may need more than a place for them to go. They may also be juggling transportation, appointments, and help at home. TRU PACE in Lafayette offers a day center as part of a program that coordinates those needs for eligible older adults. What Are Adult Day Services?Adult day services offer daytime support outside the home. Depending on the program, participants may spend time with peers, eat a meal, take part in activities, or receive help with daily needs. Some centers accept people directly. The Lafayette TRU PACE center serves people enrolled in its broader Program of All-Inclusive Care for the Elderly. TRU PACE in LafayettePhone: 303-665-0115TRU PACEs Lafayette center is at 2593 Park Lane. The program coordinates medical and social services and arranges transportation to the day center and medical visits as needed. Ask the enrollment team what a typical center day includes, how often a participant might attend, and how the team decides what support to arrange at home. Who May QualifyPACE applicants must be at least 55, live in the programs service area, meet the states standard for nursing home-level care, and be able to live safely in the community with PACE support at enrollment. Ask how enrollment would affect access to current doctors and prescription coverage before making a decision. Why This Matters in LafayetteWhen family members already drive someone to several appointments a week, a coordinated schedule can change who needs to be available and when. Ask how pickup would work at the persons Lafayette address and who to call if a ride or appointment changes. How to Get Started1. Ask for an Eligibility ReviewCall TRU PACE. Have the participants ZIP code, current coverage, and a short list of the help they need. 2. Ask to Visit the CenterFind out what the participant might do on a center day, how transportation works, and what changes to their current care arrangements enrollment would involve. Related Seniors Blue Book CategoriesCare Management Transportation Respite Care