Dividing Assets During Divorce

A couple of weeks ago, we talked about how to financially prepare for divorce. Facing the topic head-on, while it’s a tough row to hoe, knowing you’re not alone can help. According to Stats Canada, 43% of marriages end in divorce before the 50th anniversary. Reading that, you may think “Who would divorce after being married that long?”. The answer is anyone. Life affects everyone and when you share your life with someone, it affects them too. While knowing this doesn’t make preparing for the emotional impact of divorce any easier, planning your financial decisions ahead of time can put you in a better position to move forward. In life, moving on is the key to moving forward.

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How to Financially Survive Divorce

43131755 - divorce agreement. wife and husband can not make settlementMost people have been exposed to divorce either directly or indirectly and can attest to the impact it has on all involved. Some people avoid the couple and some get far too involved. One of the most damaging aspects of divorce is the financial damage that can be caused if you don’t address the money side as soon as possible.

A “friend of a friend” had been married for a number of years when they found out their spouse was cheating. Emotionally devastated, this friend didn’t know the steps to take to protect themselves. So while they sorted through how they felt and where they wanted to go, their spouse was spending all their money and amassing a large amount of debt. By the time next steps were decided, this friend was now financially responsible for half of the debt.

If this were you, would you know the steps to protect yourself from that level of financial destruction? Did you know if you are directly involved in a divorce, one of the people that can help is your Financial Advisor. At YourStyle Financial, we can help you organize your financial information which will allow you to effectively and efficiently work with your spouse and lawyers. This can also help reduce legal fees, which assists in financial recovery. We’ll start the conversation with a Checklist-divorce-2017 and go from there.

This is just an inch in the well of information and assistance we are able to offer. We’ll be writing again soon on dividing assets and dealing with debts. If you think we can help, be sure to contact us in the early stages of potential separation or divorce.

Why Millennials Need Life Insurance

Millennial Life Insurance

If you’re young and single, you may think that the things you want out of life are attainable with persistence and planning, and that you have lots of time.

But the reality is, you just never know about that last part.

This is why you might want to put life insurance — a financial product often overlooked by young adults — on your radar.

Don’t Dismiss It

Fewer than 20% of millennials say they’re likely to buy life insurance. 60% say Internet, cable and cellphone bills are higher priorities, while about 3 out of 10 millennials say saving for a vacation is more important than buying life insurance.

But just because you’re a young, healthy single with no children doesn’t mean you should disregard the need for life insurance coverage.

Just think… what would happen to the people you love is something were to happen to you?

Why You May Need (More) Life Insurance

If you offer some financial support to your parents or other relatives, or if you fall into the majority of young adults with sizable student loan debt, you ought to think about life insurance. Keep in mind, for example, that if someone has co-signed on a loan for you, the obligation could fall on your co-signer to pay off your debt if you are no longer around.

Chances are you already have some life insurance — group coverage — if you’re working full time. But do you need to go out and buy more coverage?

To answer that question, you must calculate how much your family would need if you were suddenly out of the picture.

Assessing Your Coverage Needs

You must consider:

  • How much money your family would need to cover funeral expenses if you were to die unexpectedly.
  • How much would be needed to replace any income that you’re contributing to your family.

When dealing with the loss of a loved one, the emotional side is a big enough struggle. If you can take the financial struggle off the table, it makes it much easier for the surviving family members to focus on just the emotional side.

Term life insurance may be the best option for a 20-something on a budget. It covers you for a determined time period, such as 20 or 30 years, and is relatively low-cost.

You can get a lot of coverage from an excellent insurance company for very little money.

Term vs. Permanent

Another option is permanent life insurance, which costs more than term but covers your entire life.

Do Your Homework

Life insurance can be hard to understand. Usually, it’s a lack of knowledge that prevents young adults from being more secure in their financial situation.

So, read up — like you’re doing now. And be sure the insurance company you select is financially solid.

This is probably going to be a 20-year relationship, so go with a highly rated company.

Most of all, keep it simple. Focus on the need to replace that lost income. There are a lot of complicated products out there.

If you have any questions about this topic, please contact Yourstyle Financial to discuss more!

Insurance Protection Info From QUS

Quality Underwriting Services (QUS) plays a key role in helping people protect their families by contributing to the life insurance process on behalf of insurance companies and financial advisors. For 40 years, their network of highly trained health professionals have provided simple, convenient, fast and effective paramedical services across Canada.

Here are the Nurse’s Top Tips when scheduling an appointment:

  1. No strenuous exercise for at least 24 hours before and after the exam.
  2. Be well rested.
  3. If applicant has a cold, menses or flu – reschedule!
  4. Limit alcohol for 24 to 48 hours prior to exam.
  5. Limit caffeine.
  6. Reduce smoking.
  7. Ideally fast for 4-8 hours before the exam depending on the Insurance Company requirements. If there have been prior health issues, a 12 hour fast may be required.
  8. Avoid vitamins and supplements for 24 hours.
  9. Continue all prescribed medications.
  10. RELAX!

QUS is pleased to provide nine one-minute videos to help clients prepare for their insurance medical. These videos are the first of any paramedical provider in Canada! You will find everything you need to know – how long the appointment will take, important tips, as well as specialized information for specific tests. Please visit https://getready.qus.ca  for more information.