1. Divorce and Starting Over Financially A Financial Literacy Presentation by Member Name, CPA

2. Should You Hire an Attorney? Legally, you don’t have to hire an attorney when divorcing Most couples do to protect their interests

3. Attorney Fees Hourly rates and up-front retainers Fees depend on complexity of case, attorney experience and reputation, geography

4. Attorney Alternatives Uncontested divorce saves times and money Divorce mediation – neutral third party  If mediation breaks down, mediator can’t be called as witness for or against either spouse

5. Determine How to Divide Assets Community property states like Texas split property accumulated during a marriage equally Freeze joint accounts – both signatures required for withdrawals Split balances in joint accounts Advise stockbroker to require written approval of both parties for transactions

6. Avoid Common Tax Traps Tax differences for alimony versus child support payments Review tax returns filed jointly or separately by spouse  Make sure all taxes paid to date  Innocent spouse relief Consult your CPA

7. Protect Your Credit Notify credit card issuer in writing of divorce Freeze accounts Apply for credit card in your name alone, if you don’t already have one Keep tabs on credit

8. Pay Your Debts Make sure the divorce settlement states who’s responsible for paying off debts Generally, you’re responsible for any debt incurred during marriage

9. Budgeting: Two Incomes to One Determine your income from all sources List all expenses Cut back flexible expenses if needed Increase income with part- time job, selling property

10. Review Your Insurance Be sure ex-spouse is carrying your children’s life insurance  Can require proof of coverage from company Change beneficiary on your life insurance policies and retirement accounts Revise your will

11. Save for Retirement Women more likely to carry credit card debt than men 75 percent of all elderly living in poverty are women Social Security Administration Half of all working women have low-paying jobs with no retirement plan According to Women’s Institute for a Secure Retirement

12. Start an Emergency Fund Prepare for future financial setbacks Save to cover living expenses for six months to a year

13. Get Good Financial Advice Nonprofit credit counseling services to create repayment plan CPAs to provide overall financial advice

14. Dos and Don’ts Do review the contents of safe-deposit boxes Do seek emotional support from friends, church group, therapist, etc. Don’t make large purchases or create additional debt Don’t quit your job Don’t move out of the house before consulting an attorney Don’t transfer or give away jointly-owned assets Don’t sign a blank financial statement without reviewing it with your attorney

15. Any Questions?