Beverly A. McBride, CDFA

CONNECT

Address:

400 Main Street, Cottage 6, Suite B
St. Simons Island, GA 31522

Phone:

912.268.2176

Fax/Other:

888.320.0103

Life Transitions Checklist

In addition to her financial licenses, advisor Beverly McBride is a Certified Divorce Financial Analyst (CDFA) - a Financial Professional who specializes in navigating significant life changes or keeping a purposeful financial plan on course.

Too often women undergoing divorce, widowhood or professional growth and change lack the strong peer team of their male counterparts.  We help build that for you, at a time when you may nothave the emotional resources to tackle this on your own.

Because thousands of dollars can be lost by not addressing the investment and tax consequences of various legal decisions.

We can help you tackle questions such as these:

  1. You receive the house in a divorce settlement -  but who gets the mortgage interest deduction on their taxes? 
  2. You may receive the investment account, but will you have to pay taxes on it next year -while what your former spouse received has no tax consequences? 
  3. As a young widow is there a way to pull money out of your husband's IRA without penalties if you need the cash? 
  4. Are there hidden pitfalls in an asset split which offers you the “safety” of a long-term bond portfolio and real property, while your spouse is set to receive the same dollar value in stock? 

Together, we will demystify the financial complexities that accompany major transitions of life and develop a plan that fits your new life, and gives you financial freedom and confidence.  Below is an overview of Action Points that often apply in cases of divorce or the death of a spouse.

Divorce and Widowhood:  Action Points

Insurance:

  • Notify insurance companies or your insurance agent by phone, request and file appropriate forms to change or update beneficiaries and polices
    1. Life insurance
    2. Medicare supplemental policy
    3. Medical insurance
    4. Homeowners insurance
    5. Automobile insurance

Banking/Investments:

  • Open new bank accounts in your name
  • Obtain Credit Card in your name
  • Close any joint or “authorized” credit cards
  • Obtain the 3 free Credit reports to ensure nothing was missed in the divorce, or to make sure you know the status of  your/ your deceased spouse's credit, as applicable
  • Change beneficiaries on all accounts
    • IRA’s
    • Employer plans (don’t forget old employers)
  • Change all bill pay and auto deposits to new individual accounts
  • Move all investment accounts per the divorce decree, if applicable

Utilities:

  • Obtain your individual cell phone plan
  • Change all household utility accounts to your name
    • Electricity, water, gas
    • Internet service
    • Lawn/pest control etc..

Titling:

  • Transfer automobile registration at the local tag agency
  • Ensure that Real Estate property is transferred according to the divorce decree, if this is your life change
  • Re-title your homestead exemption

Legal:

  • Update – or do! -  your will and other end-of-life documents
  • We can assist you to contact an attorney to determine if a trust is needed

Other Professionals:

  • Meet with your CPA to determine other tax issues that need to be dealt with
  • Contact your old investment advisor or find a new one you are comfortable with to work on your new plans for the future

Moving forward:

  • Track your expenses to develop your new standard of living and budget
  • After consulting with your CPA, attorney and Financial Planner, make decisions regarding your future housing and employment issues.

Critical:

  • Stay connected to friends and family no matter how difficult.
  • Seek out some form of counseling to ensure you move forward in a healthy way

This is not an exhaustive list and time requirements for some items may be controlled by your divorce decree.

Check the background of this financial professional on FINRA's BrokerCheck
Check the background of this financial professional on FINRA's BrokerCheck