Divorce and your money: How to protect yourself financially
A new year can mean a fresh start, and for some, that could apply to marriage.
January is often called "Divorce Month," and for good reason. Divorce filings surge after the holidays. It can also be one of the biggest financial transactions of your life, warns Regina McCann Hess, a certified financial planner and divorce financial analyst.
McCann Hess said divorce can feel overwhelming — both emotionally and financially — but there are practical steps you can take to help you protect your finances and regain a sense of control during a tough transition. She said it starts by getting organized.
"You feel like your life is getting ripped apart when you're going through a divorce, so if you can get yourself organized, it brings back some power or control back into your life," McCann Hess said in a recent appearance on the CBS News Philadelphia In Your Corner podcast.
"Get copies of everything with a dollar on it; your bank statements, your investment statements, your retirement statements, your insurance products, your debt, your mortgage, your car loans, your student loans and especially your tax returns."
McCann Hess is also the author of Superwoman Wealth: How to Become Your Own Financial Hero.
In this episode of the In Your Corner podcast from CBS News Philadelphia, learn how to organize your assets, protect your credit and avoid tax pitfalls. Whether you're considering divorce or just want to be prepared, McCann Hess said you can find peace of mind through practical steps.
The In Your Corner podcast is dedicated to providing solutions to save money, avoid scams and make smarter financial decisions.
Each week will feature a different guest expert. You can find new episodes posted every Wednesday on the CBS Philadelphia YouTube channel.
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