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 Edwards Lifesciences 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 Edwards Lifesciences 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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- How Are Workers Impacted by Inflation & Rising Interest Rates?
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We'd like our Edwards Lifesciences 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 Edwards Lifesciences 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 plan does Edwards Lifesciences offer to its employees?
Edwards Lifesciences offers a 401(k) savings plan to help employees save for retirement.
Does Edwards Lifesciences match employee contributions to the 401(k) plan?
Yes, Edwards Lifesciences provides a matching contribution to employee 401(k) contributions, subject to certain limits.
How can I enroll in the 401(k) plan at Edwards Lifesciences?
Employees can enroll in the Edwards Lifesciences 401(k) plan through the company's benefits portal during the open enrollment period or upon hire.
What is the eligibility requirement for the 401(k) plan at Edwards Lifesciences?
Generally, all full-time employees of Edwards Lifesciences are eligible to participate in the 401(k) plan after completing a specified period of service.
Can I change my contribution percentage to the Edwards Lifesciences 401(k) plan?
Yes, employees can change their contribution percentage to the Edwards Lifesciences 401(k) plan at any time through the benefits portal.
What investment options are available in the Edwards Lifesciences 401(k) plan?
The Edwards Lifesciences 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance.
When can I start withdrawing from my Edwards Lifesciences 401(k) plan?
Employees can typically begin withdrawing from their Edwards Lifesciences 401(k) plan without penalty at age 59½, subject to plan rules.
Is there a loan option available through the Edwards Lifesciences 401(k) plan?
Yes, Edwards Lifesciences allows employees to take loans against their 401(k) balance, subject to specific terms and conditions.
How often can I make changes to my investment allocations in the Edwards Lifesciences 401(k) plan?
Employees can typically make changes to their investment allocations in the Edwards Lifesciences 401(k) plan on a quarterly basis or as specified in the plan documents.
What happens to my Edwards Lifesciences 401(k) plan if I leave the company?
If you leave Edwards Lifesciences, you can roll over your 401(k) balance to another retirement account, withdraw the funds, or leave the balance in the plan, depending on the plan’s rules.
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