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Corteva Employees: Avoid These Costly Financial Mistakes During Divorce

“Corteva employees facing divorce can help safeguard their financial future by prioritizing asset transparency, maintaining sufficient liquidity, and rigorously forecasting post-divorce expenses” – Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement.

“Corteva employees navigating divorce proceedings should engage professional financial guidance early, maintain clear records of all assets, and implement a realistic budget to foster post-divorce stability” – Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article we will discuss:

Common costly mistakes Corteva employees make during divorce
Strategies for maintaining asset transparency and liquidity
How to forecast and manage post-divorce expenses

Even though financial issues are frequently discussed during divorce, many Corteva employees make the same expensive mistakes, which can have long-term, irreparable effects. According to Patrick Ray, Senior Vice President and Financial Advisor at Wealth Enhancement, “advance planning can help people going through divorce mitigate costly mistakes.” Divorce can cause long-term financial harm to both men and women, but women are more at risk when assets and income sources are separated because they typically make less money. ¹

1. Excessive Expenditure on Celebrations and Lifestyle

It is all too typical for one or both ex-spouses to justify extravagant expenditures with a divorce settlement. These impulse purchases—such as buying a new, unaffordable car or going on lavish vacations—can quickly drain settlement funds. The desire to become a homeowner too soon may also be harmful. According to Ray, “it’s very tempting to start over right away, but that may result in buying too quickly, overpaying, or taking on too much debt.” Emotional turmoil often impairs judgment, leading to interest-only mortgages or high down payments that can strain one’s finances.

2. Inability to Locate and Retrieve Hidden Assets

Transparency in finances is essential to reaching a fair settlement. However, some spouses employ pre-divorce strategies to gain an advantage, such as moving money to family members or hiding assets in corporate entities. “Moving assets into businesses or transferring money to friends or family to conceal their value is one of the oldest tricks in the book,” Ray notes. Such tactics are frequently discovered only after completion, when it may be too costly or difficult to recoup hidden monies. It is crucial to hire a forensic accountant or investigator as soon as possible to protect your interests.

3. Letting Emotions Drag Out the Procedure

Attorney fees for protracted litigation fueled by emotional disagreements—over property or custody—can add up fast. “I’ve seen families spend hundreds of thousands of dollars on legal bills just because their feelings took precedence over sound financial judgment,” Ray adds. In addition to depleting the settlement fund, a drawn-out legal struggle makes it more difficult to restart financially. Rather than playing out this turmoil in the courts, Ray suggests seeking help from friends, family, or mental health professionals if emotional support is required to gain greater clarity or perspective.

4. Mishandling Illiquid Assets of the Marriage

Real estate, retirement savings, private equity interests, and restricted stock are examples of assets that need to be handled carefully. Recipients can later find that they are unable to access or sell these holdings without paying large fines or realizing unexpected losses. “Liquidity is critical. In some cases, it makes more sense to exchange illiquid assets for ones you can access and manage immediately,” Ray says. Structured payout provisions—such as regular cash distributions based on asset performance—can help preserve value and ease the transition.

5. Not Accounting for Post-Divorce Costs

It takes more than just cutting costs to transition from a dual-income to a single-income household; it also requires accurate forecasting. The cost of necessities like energy, housing, health insurance premiums, and child-related expenses mostly stays the same or even rises. “Expenses for housing, utilities, health insurance, and raising children don’t simply disappear,” Ray warns. To prevent cash flow problems, he emphasizes creating a thorough budget, conducting monthly expense reviews, and scrutinizing discretionary spending such as entertainment, dining out, and subscriptions.

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Key Data Point:

After a divorce or separation, women over 60 experience a 41% reduction in household income—nearly twice as much as men’s 23%percent drop—according to a Georgetown University Center for Retirement Initiatives analysis released May 19, 2023 (https://cri.georgetown.edu/the-unique-and-varied-challenges-women-face-planning-and-preparing-for-retirement/).

Conclusion

People can navigate divorce with greater financial resilience by recognizing and steering clear of these five pitfalls: overspending, hidden assets, emotional prolonging, illiquid holdings, and underestimated living expenses. In addition to safeguarding settlement funds, early professional guidance, careful budgeting, and strategic negotiating can help pave the way toward a more stable financial future for Corteva team members.

Analogy:

Divorce finances are like navigating a ship through stormy seas: overspending on celebratory luxuries is like being tossed by sudden high waves; hidden assets are submerged reefs waiting to breach your hull; emotional disputes pull you into eddies that stall your progress; illiquid holdings are barnacles slowing your ship’s speed; and underestimating ongoing living expenses is like miscalculating provisions for the voyage. Without clear-eyed budgeting, asset transparency, and strategic course corrections, every misstep could capsize your financial journey.

Sources:

1. Pew Research Center. ' Gender pay gap in U.S. has narrowed slightly over 2 decades ,' by Richard Fry and Caroline Aragao. 4 Mar. 2025.

Other Resources:

1. Locus, Heather. “Five Key Areas Where Divorcing Individuals Make Mistakes.” Forbes, 18 July 2023, https://www.forbes.com/sites/heatherlocus/2023/07/18/five-key-areas-where-divorcing-individuals-make-mistakes/ .

2. Pinto, Aviva. “Financial Pitfalls To Avoid During And After Divorce.” Forbes Councils, 11 Mar. 2025, https://www.forbes.com/councils/forbesfinancecouncil/2025/03/11/financial-pitfalls-to-avoid-during-and-after-divorce/ .

3. Money and Divorce: 6 Financial Mistakes to Avoid. Morgan Stanley, 28 Mar. 2025, https://www.morganstanley.com/articles/divorce-financial-planning-guide .

4. “Older Couples Planning a Divorce Have More Assets to Divide.” AARP, 19 May 2023, https://www.aarp.org/money/personal-finance/financial-impact-of-divorce/ .

5. Gustke, Constance. “Retirement Plans Thrown Into Disarray by a Divorce.” The New York Times, 27 June 2014, https://www.nytimes.com/2014/06/27/your-money/retirement-plans-thrown-into-disarray-by-a-divorce.html .

How does Corteva Agriscience determine the eligibility criteria for employees to participate in the Pension and Retirement Plan, and what implications does this have for employees who were hired before or after January 1, 2007? Specifically, in what ways could this eligibility impact employees looking to retire within the next few years as they assess their planned benefits?

Eligibility Criteria: Employees at Corteva Agriscience are eligible to participate in the Pension and Retirement Plan based on their hire date. Those hired before January 1, 2007, are generally eligible for the plan, while those hired afterward are excluded. This eligibility distinction significantly affects employees planning to retire in the next few years, as those hired before 2007 may be able to rely on pension benefits in addition to other savings(Corteva_Agriscience_Pen…).

What are the different methods available for calculating retirement benefits under Corteva Agriscience's Pension and Retirement Plan? In particular, how do these calculations accommodate variations in years of service and average monthly compensation, and what considerations must employees account for when estimating their final retirement benefits?

Methods for Calculating Retirement Benefits: Corteva Agriscience offers different methods to calculate retirement benefits, including Formula A, B, and C. These formulas consider factors such as years of service and average monthly compensation. The formulas accommodate variations in service years, and employees must evaluate which formula provides the highest benefits based on their individual circumstances, including any service accrued before the Benefit Freeze Date(Corteva_Agriscience_Pen…).

How does Corteva Agriscience address early retirement options for employees, and what factors contribute to the potential reduction of pension benefits for those opting for early retirement? Analyze the balance between the desirability of early retirement and the financial implications it entails for employees at Corteva Agriscience.

Early Retirement Options: Employees may opt for early retirement, typically available from age 50 with 15 years of eligibility service. However, retiring early could reduce pension benefits based on a percentage reduction for each year before normal retirement age. Employees must carefully balance the attractiveness of early retirement with potential reductions in their pension benefits(Corteva_Agriscience_Pen…).

In what ways does Corteva Agriscience ensure that employees understand their rights and options regarding survivor benefits? What steps should employees take to designate beneficiaries effectively, and how might the choice of survivor benefit options affect long-term financial security for families after an employee's death?

Survivor Benefits: Corteva Agriscience provides survivor benefits, including options like joint and survivor annuities. Employees can designate a spouse or other beneficiaries to receive benefits after their death, ensuring long-term financial security for their families. Employees should regularly update beneficiary information and carefully consider how their choice of survivor benefits impacts their family’s financial security(Corteva_Agriscience_Pen…).

How does Corteva Agriscience's pension plan accommodate transfers between affiliated companies? Specifically, what rules govern the continuity of benefits, and how might a transfer impact the benefits accrued under the Pension and Retirement Plan, particularly for those moving between different titles of the plan?

Transfers Between Affiliated Companies: The pension plan allows for the continuity of benefits when transferring between Corteva’s affiliated companies. Transfers after specific dates between titles (e.g., DuPont, Pioneer) continue to earn benefits under the initial plan, which helps employees preserve their accrued benefits when moving between titles within the company(Corteva_Agriscience_Pen…).

What strategies can employees at Corteva Agriscience employ to maximize their retirement savings given the current limits set by the IRS for 2024? Discuss the potential implications of these limits on employee contributions and how the pension plan can work in conjunction with the employees' broader financial planning.

Maximizing Retirement Savings: Employees can maximize their retirement savings by contributing the maximum allowed under IRS limits for 2024. Since the pension plan is a defined benefit plan, it works alongside personal savings and the Retirement Savings Plan to provide comprehensive retirement support. Strategic contributions to 401(k) and other savings vehicles can complement the pension benefits(Corteva_Agriscience_Pen…).

How does Corteva Agriscience manage the funding of its Pension and Retirement Plan to ensure that it meets current obligations? Additionally, what role do anticipated changes in employee demographics play in shaping Corteva's approach to future pension fund viability?

Pension Funding and Viability: Corteva Agriscience manages its Pension and Retirement Plan by monitoring funding levels to meet obligations. Anticipated changes in employee demographics, such as increasing retirements, shape the company’s strategy to maintain long-term pension viability and ensure that benefits are funded adequately(Corteva_Agriscience_Pen…).

What are the potential benefits and limitations of participating in Corteva Agriscience's Pension and Retirement Plan for employees nearing retirement, and how do those factors influence their decision-making process regarding when to retire?

Benefits for Employees Nearing Retirement: Employees nearing retirement may benefit from Corteva Agriscience’s plan if they qualify under the eligibility criteria. However, the plan's limitations, including the Benefit Freeze Date and early retirement reductions, may influence their decision on when to retire. Employees must weigh these factors when assessing their overall retirement strategy(Corteva_Agriscience_Pen…).

How can employees contact Corteva Agriscience to gain further insight or clarification regarding their benefits under the Pension and Retirement Plan? What resources does Corteva provide to facilitate communication and ensure that employees are well-informed about their retirement options?

Contacting Corteva for Clarification: Employees can contact Corteva’s pension recordkeeper for further clarification on their benefits by reaching out to the contacts listed in the plan’s summary. Corteva provides resources like the retirement kit to help employees understand their options(Corteva_Agriscience_Pen…).

What legal and administrative steps must employees at Corteva Agriscience take when they experience changes in employment status or when filing claims related to their pension benefits? How does the administrative structure of the Pension and Retirement Plan influence these processes, and what resources are available to assist employees in navigating them?

Legal and Administrative Steps: Employees must notify the Pension and Retirement Plan administrator about changes in employment status and follow formal procedures when filing claims. Administrative processes are governed by plan-specific rules, and resources like Corteva Connection are available to assist employees through these processes(Corteva_Agriscience_Pen…).