The latest research suggests that divorce rates in the U.S. have been falling in recent decades. Still, many people face the difficult crossroads that comes when their marriage ends.
Getting a divorce is a painful, emotional process. Don’t be in such a hurry to reach a settlement that you make poor decisions that can have life-long consequences. For any of our Amerisourcebergen clients who may possibly have to have a divorce, here are a few financial ideas that may help you prepare.
The most important task these Amerisourcebergen employees can do is to get their finances organized. Identify all your assets and make copies of important financial papers, such as deeds, tax returns, and investment records. When it comes to dividing up your assets, consider mediation as a low-cost alternative to litigation. Most states have equitable-distribution laws that require shared assets to be divided 50/50 anyway. When a divorce becomes contentious, attorney’s fees can accumulate.
From a financial perspective, divorce means taking all the income previously used to run one household and stretching it out over two residences, two utility bills, two grocery lists, etc. There are other hidden costs as well, such as counseling for you or your children. Divorces also may require incurring one-time fees, such as a security deposit on a rental property, moving costs, or increased child-care.
Finally, dividing assets may sound simple but it can be quite complex. The forced sale of a home or investment portfolio may have tax consequences. Potential tax liability also can make two seemingly equal assets have varying net values. Additionally, when pulling apart a portfolio, it makes sense to consider how each asset will suit the prospective recipient in terms of risk tolerance and liquidity.
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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
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- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
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- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
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- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
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We'd like our Amerisourcebergen clients to remember, the information in this article is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.
During a divorce, many factors are competing for attention. By these Amerisourcebergen employees understanding a few key concepts, they may be able to avoid making costly financial mistakes.
Chart Source: Familyinequality.com, 2019
1. The Wall Street Journal, 2019
What type of retirement savings plan does AmerisourceBergen offer to its employees?
AmerisourceBergen offers a 401(k) retirement savings plan to help employees save for their future.
How does AmerisourceBergen match employee contributions to the 401(k) plan?
AmerisourceBergen provides a matching contribution up to a certain percentage of the employee's salary, which varies based on the plan guidelines.
Can employees at AmerisourceBergen choose how to invest their 401(k) contributions?
Yes, employees at AmerisourceBergen can select from a variety of investment options within the 401(k) plan based on their individual risk tolerance and retirement goals.
What is the eligibility requirement for AmerisourceBergen employees to participate in the 401(k) plan?
Employees must meet specific eligibility criteria, such as length of service and age, to participate in AmerisourceBergen's 401(k) plan.
Does AmerisourceBergen allow employees to take loans from their 401(k) accounts?
Yes, AmerisourceBergen allows employees to take loans from their 401(k) accounts under certain conditions as outlined in the plan documents.
Are there any fees associated with AmerisourceBergen’s 401(k) plan?
Yes, there may be administrative fees associated with the management of AmerisourceBergen's 401(k) plan, which are disclosed in the plan documentation.
How can AmerisourceBergen employees access their 401(k) account information?
Employees can access their 401(k) account information through the online portal provided by the plan administrator designated by AmerisourceBergen.
What happens to an employee's 401(k) balance if they leave AmerisourceBergen?
If an employee leaves AmerisourceBergen, they have several options for their 401(k) balance, including rolling it over to another retirement account or leaving it in the AmerisourceBergen plan, subject to the plan's rules.
Does AmerisourceBergen offer any educational resources for employees regarding their 401(k) plan?
Yes, AmerisourceBergen provides educational resources and workshops to help employees understand their 401(k) options and make informed investment decisions.
Can AmerisourceBergen employees change their contribution rate to the 401(k) plan at any time?
Yes, employees at AmerisourceBergen can change their contribution rate to the 401(k) plan during designated enrollment periods or as allowed by the plan.
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