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 Apollo Global Management 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 Apollo Global Management 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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- 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 Apollo Global Management 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 Apollo Global Management 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 is the 401(k) plan offered by Apollo Global Management?
The 401(k) plan at Apollo Global Management is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How can I enroll in the 401(k) plan at Apollo Global Management?
Employees can enroll in the Apollo Global Management 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
What types of contributions can I make to the Apollo Global Management 401(k) plan?
Employees at Apollo Global Management can make pre-tax contributions, Roth (after-tax) contributions, and may also have the option for catch-up contributions if they are age 50 or older.
Does Apollo Global Management match employee contributions to the 401(k) plan?
Yes, Apollo Global Management offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.
What is the vesting schedule for employer contributions in the Apollo Global Management 401(k) plan?
The vesting schedule for employer contributions at Apollo Global Management typically follows a graded vesting schedule, which means employees earn rights to employer contributions over a specified period.
Can I take a loan against my 401(k) at Apollo Global Management?
Yes, Apollo Global Management allows employees to take loans against their 401(k) plan balance, subject to certain terms and conditions.
What investment options are available in the Apollo Global Management 401(k) plan?
The 401(k) plan at Apollo Global Management offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can I change my contribution amount in the Apollo Global Management 401(k) plan?
Employees at Apollo Global Management can change their contribution amount at any time, typically through the HR portal or by contacting HR.
What happens to my 401(k) plan if I leave Apollo Global Management?
If you leave Apollo Global Management, you can choose to roll over your 401(k) balance to another retirement account, leave it in the Apollo plan (if eligible), or cash it out (subject to taxes and penalties).
Is there a minimum contribution requirement for the Apollo Global Management 401(k) plan?
Yes, Apollo Global Management may have a minimum contribution requirement for employees participating in the 401(k) plan, which is typically communicated during the enrollment process.
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