A Conversation With Leonard Raskin About Women, Finance, and Divorce
Divorce impacts men and women differently, and financial expert Leonard Raskin joined SmartFem and Friends to share how women can be financially savvy when it comes to their marriage, themselves and their children.
“Women, most often, are the victim financially,” Raskin said, explaining that women can sometimes find themselves not able to financially support their life and children after a divorce.
Whether it’s being left with a house they cannot afford on one income, or the burden of moving into a new home, many women find their life turned upside down once the final papers are signed and filed.
However, there are ways women can secure themselves for the future, regardless of what that future might be.
Whether it’s the sudden loss of a spouse, or the end of a marriage, women can be proactive with their finances while securing a future for both themselves and their children.
“Make sure you know what’s happening with the money,” Raskin said. “Know if during your marriage there is money disappearing, or not enough going into the checking accounts, savings accounts or investment accounts.”
Raskin also advises women to attend any meetings between their spouse and financial advisor to make sure they are all on the same page.
It’s also important to make sure women in marriages have their own investments, retirement accounts and assets in their name.
The same methods apply to stay-at-home moms as it does for mothers in the corporate world.
Another thing to keep in mind during the difficulties of divorce is to have your financial advisor present during divorce proceedings.
“Whether you’re the one with or without the money, you want your financial advisor there to give advice on how to split up the retirement plans or what to do with the house.”
And one of the most common things looked over during a divorce is what to do with the life insurance.
Not only should the breadwinner of the family have a sufficient amount of life insurance to properly support the family in a time of premature death, but life insurance is one of the things missed the most during a divorce.
“We talk about making sure there are big life insurance policies on the spouse with the money, payable to either the spouse who is now not going to have the money, or a trust for the benefit of the children, and that it’s irrevocable.”
Having an attorney and financial advisor is also important when it comes to any children the couple had during their marriage, and that the children are properly taken care of in terms of child support and education.
Creating an irrevocable beneficiary designation for the children helps secure a sum of money for the children for a number of things, and cannot be changed without the beneficiary’s signature. This can help secure finances for health insurance, college funds, and child support.
But perhaps the biggest mistake women can make during a divorce is to be talked out of obtaining proper legal counsel and the advice of a financial expert.
“Have a great financial advisor and somebody looking out for your best interest,” Raskin said, “and get great outside counsel.”
Leonard Raskin Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 7101 Wisconsin Ave. Suite 1200, Bethesda, MD 20814. 301-907-9030 Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian. Raskin Global is not an affiliate or subsidiary of PAS or Guardian. 2018-54874 Exp. 2/20.