Navigating Change: Financial Insights for Divorced Employees of Sanmina

Healthcare Provider Update: Sanmina, a global provider of integrated manufacturing solutions, partners with various healthcare providers to support the health and wellbeing of its employees. Typically, Sanmina's healthcare offerings include comprehensive insurance plans from major providers, allowing employees to receive necessary care through reputable networks. As we look towards 2026, healthcare costs are poised for significant increases, particularly impacting those reliant on Affordable Care Act (ACA) plans. Premiums are expected to rise sharply, with some states projecting hikes exceeding 60%. Contributing factors include the anticipated expiration of enhanced federal subsidies, which could leave over 22 million enrollees facing out-of-pocket costs more than 75% higher than in previous years. The combined pressures of soaring medical costs and reduced financial support are likely to provoke serious conversations about healthcare affordability for many individuals and families. Click here to learn more

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 Sanmina 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 Sanmina 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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We'd like our Sanmina 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 Sanmina employees understanding a few key concepts, they may be able to avoid making costly financial mistakes.

1. The Wall Street Journal, 2019