Women2Women - Summer 2018 - 26

Being in control of your financial destiny requires that you be
an active participant in everything from paying the bills, credit
report ratings, insurance coverage and active oversight where
your investments are concerned. Do not blame others for your
financial plight. Render yourself with the power of knowledge and
step up to the challenge of learning the correct way of managing
your financial life. Many times people continue to live the same
lifestyle they had prior to now being single. This will not be
your best option based on the single income situation that you
are now living in.
Taxes and divorce need to be planned carefully. Determining
the tax implications of selling or transferring assets is necessary.
Value of assets may be equal at the time of distribution among
marital assets but they might include vastly different consequences
when sold. Best practice for the couple would be to meet with
a Certified Public Accountant and Financial Advisor to create
a true tax plan for the assets, who will maintain the asset and
particular change in tax considerations based on the individual's
future tax situation.
Change those beneficiaries! You will probably want to change
the beneficiary on your life insurance policies and retirement
accounts. Contact the provider of these plans and request a
change of beneficiary update. Do not forget to make these updates
because there could be a scenario of unintended consequences
that you certainly do not wish to happen.

Business and divorce can create unique complications. Owning
a business together is not uncommon. Many times, most of the
assets that the couple own are tied up in a family or closely-held
business. In fact, the acrimony of a divorce can easily seep into
the business, unsettling employees, disturbance of day to day
operations and upending customer relations. Putting safeguards
in place before they are needed is mandatory. If you have a
business and this is not already in place, take the time to include
business strategies such as buy-sell agreements, equity ownership
divisions and exit strategies. Another safeguard in place before
it is ever needed.
My best advice is to take care of your money and how it is
used. Find wise investments, save money and do not spend it all
on meaningless things. This thing called divorce is a true process.
Stay courageous and focused. Just keep moving forward, one
day at a time.

Regina M. Rinehimer,
Associate Vice President -
Investment Officer, Wells Fargo Advisors
Wells Fargo Advisors is not a legal or tax advisor. However,
I will be glad to work with you, your accountant, tax advisor and/
or lawyer to help you meet your financial goals.
Wells Fargo Advisors is a trade name used by Wells Fargo
Clearing Services, LLC, Member SIPC

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