Don't Make a Bad Split Worse: Plan a Financially Sound Divorce
Some of the biggest financial blunders in divorce are also the most common. And most result from poor planning.
Decisions about who gets what, made in a rancorous environment, can have financially devastating consequences. "For most of my clients, this is the first time they've ever been asked to map out their financial lives and it can be an emotional experience," says Fadi Baradihi , president and chief executive officer of the Institute for Certified Divorce Planners in Southfield, Mich., near Detroit.
And today, rising joblessness and tight budgets only make things tougher. A survey of divorce attorneys conducted in November by the American Academy of Matrimonial Lawyers in Chicago showed that nearly half the respondents said the struggling economy was making divorce proceedings more contentious.
But some of the most common financial stumbles in divorce are easy to avoid with careful planning and a level head.
An Equal Split? Splitting assets often leads to contentious wrangling, with husband and wife battling to ensure each gets their fair share. But fair doesn't always mean equitable, Mr. Baradihi says. "Most often, the husband wants the retirement plan and the wife wants the house," he says. "But what many spouses fail to consider is whether they will be able to still afford to live in that house after the marriage is dissolved."
Because real estate tends to be the largest portion of a couple's net worth, the spouse with the lesser-paying job often will argue the hardest to keep it -- but a home is an illiquid asset that carries a very hefty price tag to maintain. This can be particularly dangerous when the spouse who wants the home doesn't keep track of the family finances.
In many instances, it will make the most sense to sell the home and split the proceeds. But spouses already overwhelmed by the upheaval of the breakup typically are reluctant to part with their homes, particularly when there are children involved. Before you prepare to dig in your heels and fight to keep your home, weigh the costs of a monthly mortgage, taxes, utilities, and maintenance and upkeep of the home, says Lili A. Vasileff, a certified financial planner in Woodridge, Conn. "I can't tell you how many people don't have a clue," she says. "Most times people don't sit down and look at a budget, and what the expenses are."
Look at your overall financial picture post-divorce and consider whether you can get a settlement sufficient to maintain the home. Will you be struggling to pay the bills? Or worse, does getting the house mean you are sacrificing a comfortable retirement that would be afforded by your share of your spouse's account? Figuring out the costs before you begin negotiations will keep you from setting yourself up for future financial problems.
Cracking the Nest Egg. One of the biggest mistakes couples make when splitting their retirement benefits isn't improperly calculating who gets what, it is their failure to get the paperwork right.
When splitting retirement savings that are subject to rules set under the Employee Retirement Income Security Act, which includes most employer-sponsored plans, the government requires that you file a qualified domestic-relations order. This QDRO form spells out to the asset-management company who gets what money held in a pension or 401(k) plan. "Most couples don't know they have to file this form, and when they do they sometimes fail to file a QDRO in a timely fashion and fill it out properly so that it conforms to the benefit plan's policies," says Morris Armstrong, president of Armstrong Financial Strategies in New Milford, Conn.
Without the QDRO, the plan sponsors won't divide the accounts as set out in the divorce settlement, he adds, and your rights to the funds may be in jeopardy. For instance, delays may allow a disgruntled spouse time to alter the retirement plan or even cash it out.
To ensure there are no missteps, ask your spouse's employer for a copy of the summary plan description, which lays out the plan's policies and payout options. After filling out the form, run it by the plan to make sure it passes muster before having the judge sign it.
With a properly filed QDRO, the spouse typically can take his or her share of the account once the divorce is final and roll it into another tax-deferred account without incurring early-withdrawal penalties or paying personal income tax on the funds.
Preparing for the Worst. Even the most amicable split-ups can lead to financial disaster without careful planning.
"What happens if on the day of the divorce your husband gets hit by a bus?" says Mr. Armstrong. "If the husband doesn't have life insurance you're out of luck."
He recommends that spouses receiving alimony and child payments take out a term life-insurance policy on the ex-spouse, in an amount that will be enough to cover the payments as well as future anticipated contributions to things like a college-savings account.
Why you, and not your spouse? "If you're the owner you get to name the beneficiary, that is, yourself, and you can be sure that the payments are being made so that the coverage doesn't lapse," he says.
If your spouse isn't willing to apply for a policy, a judge can order him or her to. But that doesn't guarantee your spouse will pass the physical. It is best to seek insurance prior to the divorce so there are no surprises. If your spouse turns out to be uninsurable, the property settlement should specify that a sum of money be set aside as an emergency fund.
离婚的理财之道
离婚中一些最严重的财务失策往往也是最常见的问题，究其根源，几乎都要怪规划不周。
在充满怨恨的氛围中决定财产归属，很可能会造成难以想象的经济后果。"对我的大多数客户来说，这是他们第一次被迫制定自己的财务计划，而这一过程又交织著各种复杂的情绪。"底特律附近Southfield市的协议离婚规划协会(Institute for Certified Divorce Planners)的总裁兼首席执行官法第?巴拉迪(Fadi Baradihi)说。
现在，失业率上升和预算紧缩使离婚引发的财产分割问题愈加棘手。2002年11月芝加哥的美国婚姻律师学会(American Academy of Matrimonial Lawyers)对离婚律师的一项调查显示，近一半的调查反馈者表示，低迷的经济使离婚过程更具火药味。
然而，大多数离婚案中出现的经济纠纷可以通过合理规划和冷静的头脑轻松避免。
所有财产一人一半吗？划分财产经常会引发激烈的争吵，夫妻双方争著要确保自己得到公平的一份。不过，公平不总意味著平分财产，巴拉迪说。"经常发生的情况是，丈夫想要退休金计划，妻子想要房子，"他说，"但许多配偶没考虑到的是，离婚后还有没有经济实力住在那个房子里。"
由于房地产一般在夫妻净资产中占最大比例，收入较少的配偶一方常常会极力争取得到房子－－但房子是非流动资产，而且维护起来费用很高。对那些平时对家庭理财并不关心的配偶来说，要房子是特别危险的选择。
在不少情形下，最理智的选择是卖掉房子后双方分钱。但已经饱受离婚痛苦的配偶一般不愿再卖掉房子，尤其在有孩子的情况下。在你准备斗争到底拿到房子时，要考虑一下每月还住房贷款、交税、水电气费和维护费用等成本，康涅狄格州的注册金融规划师莉丽?瓦茜莱夫(Lili A. Vasileff)说道。"不知道有多少人对此一无所知，他们根本不坐下来看看自己的预算有多少，而为此支出的成本又有多少。"
考虑一下自己离婚后的经济状况，以及你离婚得到的财产是否足以支撑这个家。支付每月的各种帐单是否会让你头痛不已？更糟的情况是，得到房子是否意味著牺牲了与配偶分享退休金所保障的舒适的退休生活？在开始离婚谈判前考虑这些成本支出将使你避免在离婚后遇到一些经济问题。
细致分割养老金。离婚夫妻在分配退休福利时犯的最大的错误不是没有合理计算各自所得，而是没有签署适当的文件。
下面是离婚谈判中应考虑的一些事情：
1. 搞清楚要房子的代价。如果你放弃其他资产以换取房子，一定要确保自己能够负担其维护费用。
2. 就退休福利分配签署书面文件。推迟签署养老金分配文件可能损害你在养老金计划中的经济利益。
3. 为即将分手的配偶买人寿保险。如果提供抚养费和生活费的配偶死亡，其人寿保险赔偿金将为孩子和你的生活提供保障。
当要分割的退休金属于雇员退休收入保障法案(Employee Retirement Income Security Act)的管辖范围时(绝大多数雇主提供的退休金计划都适用于该法案)，政府会要求你提供一个合格的婚姻状况证明(QDRO)。这个QDRO表是为了向管理退休基金或401(k)计划的资产管理公司说明夫妻双方谁将获得养老金计划或401(k)计划中的哪一部分金额。康涅狄格州Armstrong金融战略公司的总裁莫里斯?阿姆斯特朗(Morris Armstrong)说："大多数夫妻不知道应该递交这个表格，或者递交得不够及时，还有的填写不符合养老金政策的要求。"
阿姆斯特朗说，没有QDRO表格，退休基金的提供方不会按离婚协议中的比例划分退休基金，因此你在基金中享有的利益可能受到侵害。举例而言，推迟递交表格可能使不满的配偶有机会修改退休金计划，甚至将其兑现。
为确保没有疏漏，向你配偶的雇主要一份退休金计划概要，了解退休金计划的政策和支付方式。在填写完QDRO表格后，走一遍程序以确保其正确无误，再交给法官签字。
正确提交QDRO表后，配偶一方通常能在离婚判决后从退休金帐户中取出其应得的部份，并将其注入另一个延期交税的帐户，而无需为提前提取养老金支付罚金或相应的个人所得税。
做好最坏的准备。如果没有细致的规划，最友好的离婚都可能导致经济上的灾难。
"如果离婚那天你丈夫被车撞了怎么办，"阿姆斯特朗说，"如果丈夫没有买人寿保险，那你就惨了。"
他建议接受抚养费和子女生活费的一方为前配偶购买一份人寿保单，保险金额应足以支付赡养费和未来可预计的支出，如大学教育等。
为什么要你买，而不是由前配偶自己来买？"因为如果你是保单所有者，你可以指定受益人－－也就是你自己，你还可以确保保费如期支付，使保单不至于失效。"阿姆斯特朗说。
如果你的配偶不愿买人寿保险，法官可以要求他/她这么做，但这并不能保证你的配偶能通过身体检查以买到保单。最好在离婚前就办妥保险的事情，这样就不会临时犯难。如果你的配偶不符合购买寿险的资格，财产分割协议应规定拨出一部份钱作为应急基金。
