New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Graybar Electric Employees: Avoid These Costly Financial Mistakes During Divorce

“Graybar Electric 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.

“Graybar Electric 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 Graybar Electric 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 Graybar Electric 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.

Featured Video

Articles you may find interesting:

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 Graybar Electric 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 .

What steps must an employee take to ensure they accurately calculate their pension benefits when planning for retirement under the Electricians Pension Plan, IBEW 995? Employees need to understand the various factors that contribute to benefit calculations, including years of service credits, age, and any early retirement reductions. Participants should also familiarize themselves with the formulas outlined in the plan regarding Normal Retirement and Early Retirement benefits.

Employees under the Electricians Pension Plan, IBEW 995 can ensure accurate pension calculations by reviewing the plan's formulas, which consider factors like service credits, age, and early retirement reductions. The plan provides specific calculation methods for Normal and Early Retirement pensions, so employees should refer to their accrued credits and apply the appropriate formula based on the years of service to get a precise benefit estimate(Electricians_Pension_Pl…).

How does the Electricians Pension Plan, IBEW 995, treat periods of active service compared to breaks in service when determining eligibility for pension benefits? Employees should be aware that their length of service is critical to establishing eligibility, and any periods identified as breaks in service may impact their pension status. Understanding the definition and implications of breaks in service can be vital for maximizing retirement benefits.

Service periods under the Electricians Pension Plan, IBEW 995 are critical for pension eligibility and accrual. Breaks in service, defined as periods where an employee is not credited with at least 250 hours in a plan year, can disrupt benefit accrual and participation. However, the plan provides grace periods for specific situations such as disability or maternity, preventing these gaps from affecting eligibility(Electricians_Pension_Pl…).

What are the implications of returning to work after starting to receive benefits under the Electricians Pension Plan, IBEW 995, and how can it affect ongoing pension payments? It's important for employees to recognize the conditions classified as "Disqualifying Employment" that can lead to suspending their pension benefits. Knowing how working while receiving benefits influences the plan can help retirees make informed decisions about their post-retirement employment.

Returning to work after starting to receive benefits under the Electricians Pension Plan, IBEW 995 can result in a suspension of benefits if the work qualifies as "Disqualifying Employment." Employees should check the plan’s definitions to see if their employment will affect their pension payments. Generally, working over 40 hours per month in covered employment or similar trades can trigger a suspension(Electricians_Pension_Pl…).

In what ways can an employee's spousal status influence the benefits they receive from the Electricians Pension Plan, IBEW 995? Employees need to understand how their marital status affects pension distributions, including survivor benefits and waivers. This knowledge is crucial for planning, as certain benefit structures depend significantly on whether the participant has a qualified spouse.

Spousal status significantly affects the distribution of benefits under the Electricians Pension Plan, IBEW 995. If an employee is married, the default pension option is the Joint and Survivor Annuity, which provides a continued payout to the spouse upon the participant’s death. The plan also outlines the necessary waivers and consents required for changing these benefits based on marital status(Electricians_Pension_Pl…).

How do changes in the Internal Revenue Service (IRS) regulations affect the contribution limits and benefit payouts related to the Electricians Pension Plan, IBEW 995? Employees should keep informed on the most current IRS guidelines, as they directly influence how benefits are calculated and dispersed. Awareness of IRS limits can prevent unexpected tax penalties and ensure compliance with pension law.

IRS regulations play an important role in determining contribution limits and payout structures under the Electricians Pension Plan, IBEW 995. Changes to IRS rules may affect the maximum allowable benefits and tax treatments. Employees should keep up to date with IRS guidelines to avoid potential tax penalties and ensure their pension plan remains in compliance(Electricians_Pension_Pl…).

What documentation is required for employees to maintain their eligibility for pension benefits under the Electricians Pension Plan, IBEW 995, especially after significant life events such as marriage, divorce, or disability? Employees must notify the plan office of life changes and provide necessary documentation. Understanding what these documents are and how they should be submitted is crucial for maintaining eligibility and accessing benefits.

Significant life events such as marriage, divorce, or disability require timely submission of documentation to the Electricians Pension Plan, IBEW 995 to maintain eligibility. This may include marriage certificates, divorce decrees, or proof of disability. Employees should contact the plan office to ensure all required paperwork is properly submitted to avoid interruptions in benefits(Electricians_Pension_Pl…).

What processes are in place for employees to appeal a denial of benefits under the Electricians Pension Plan, IBEW 995, and what timelines must they adhere to? Employees should be aware of their rights under ERISA concerning claims and appeals, including the time limits for submitting appeals. This knowledge ensures they are equipped to address any potential issues they may encounter during the pension claim process.

If a claim for benefits is denied, the Electricians Pension Plan, IBEW 995 provides an appeals process. Employees must file a written appeal within 60 days of receiving the denial notice. The appeal should include any relevant documentation, and employees should follow the timeline and procedures outlined in the plan to ensure proper consideration of their case(Electricians_Pension_Pl…).

How can employees determine if their employer is meeting its financial obligation to the Electricians Pension Plan, IBEW 995, particularly regarding contributions? Understanding the mechanisms for verifying employer contributions can help employees ensure that they are accruing the appropriate benefits. Employees should know whom to contact and what reports they can access to gather this information.

Employees concerned about their employer meeting its contribution obligations to the Electricians Pension Plan, IBEW 995 can contact the plan’s administrative office for verification. The plan allows participants to access contribution reports to confirm that employers are properly crediting their accounts(Electricians_Pension_Pl…).

What resources are available through the Electricians Pension Plan, IBEW 995, for employees seeking to enhance their understanding of their retirement options and benefits? Employees should seek detailed information provided through the plan documents and know how to access educational resources, such as workshops or one-on-one sessions with plan administrators. Utilizing available resources ensures they are making informed decisions about their retirement.

The Electricians Pension Plan, IBEW 995 offers various resources to help employees understand their retirement options. These include the plan’s summary description, workshops, and individual consultations with plan administrators. Employees should make use of these tools to gain a clear understanding of their pension and plan effectively(Electricians_Pension_Pl…).

How can employees contact the Electricians Pension Plan, IBEW 995, for additional questions or clarification regarding their retirement benefits or the plan's provisions? It is essential for employees to know how to reach the plan's administrative office or the Board of Trustees for inquiries. Understanding the contact methods, including phone numbers and office addresses, greatly aids in effective communication when navigating retirement planning. These questions are framed to guide employees in understanding their rights and responsibilities as they prepare for retirement under the Electricians Pension Plan, IBEW

For additional questions or clarification regarding the Electricians Pension Plan, IBEW 995, employees can contact the plan's administrative office at the provided phone number or address. The office offers support for all queries related to pension benefits, eligibility, and documentation(Electricians_Pension_Pl…).