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RTÉ News
03-06-2025
- Business
- RTÉ News
A financial advisor's tips for handling money after a divorce
Separation and divorce mark significant emotional and logistical transitions in life, and one of the most complex challenges faced during this period is managing finances before, during, and after. Advising couples and separating persons is now part and parcel of every financial adviser's armoury. Navigating the financial landscape, in particular post-separation, requires careful planning, clear communication, and a strategic approach to ensure both parties can move forward with stability and confidence. John Lowe of explores essential steps and considerations for balancing the books financially after separation or divorce. 1. Understanding your financial position The first step toward financial stability after separation is obtaining a clear picture of your current financial situation. This involves gathering all relevant documents, including bank statements, investment accounts, retirement plans, mortgage documents, credit card statements, and any other financial assets or liabilities. Creating a comprehensive net worth statement can help you understand your financial position. List all assets—homes, vehicles, savings, investments—and subtract liabilities like mortgages, loans, credit card debts, and other obligations. This snapshot provides a baseline to plan your financial future and negotiate fair divisions of assets. 2. Clarifying property and asset division One of the most significant aspects of balancing the books involves dividing assets and property. Laws governing property division vary from court to court —some follow equitable distribution principles, while others use community property rules. Working with a financial adviser or lawyer/solicitor to determine what assets you are entitled to and how to equitably divide them is a start. Consider not only tangible assets but also intangible ones like pensions or retirement accounts, which may require a Pension Adjustment Order (PAO) for division. 3. Establishing and adjusting budget Post-divorce or separation, your income and expenses may change dramatically. Revisiting and adjusting your budget is essential. Account for new expenses such as housing costs if you are renting or paying a mortgage alone, child support, maintenance, and ongoing healthcare costs. Prioritise essential expenses—housing, utilities, food, transportation—and identify areas where you can reduce discretionary spending. Creating a realistic budget will help you avoid overspending and ensure your financial needs are met. 4. Child support and maintenance arrangements If children are involved, establishing fair child support arrangements is critical. These are often determined based on income, custody arrangements, and applicable legal guidelines. Ensure agreements are documented legally to prevent future disputes. Similarly, if maintenance is part of your settlement, understand the terms—amount, duration, and payment schedule. Both parties should keep thorough records of payments to avoid misunderstandings. 5. Managing debt Divorces often lead to the assumption or transfer of debts. Clarify who is responsible for existing debts and ensure that joint accounts are closed or transferred appropriately. Paying off high-interest debts early can reduce financial strain and improve credit ratings. It's vital to communicate with creditors if you're transferring debt responsibilities or making significant changes to account holders to prevent missed payments or credit issues. 6. Updating legal and financial documents After separation, updating legal documents is essential. This includes changing beneficiaries on insurance policies, updating wills and estate plans, and revising enduring powers of attorney. These steps ensure your assets are protected and distributed according to your wishes. Consult with legal professionals to understand the requirements for updating these documents. 7. Planning for the future: retirement and investments Divorce can significantly impact retirement planning. Review your retirement accounts and consider how to rebuild savings if needed. Sometimes, dividing retirement assets can be complex, requiring legal guidance to ensure compliance with tax laws and regulations. Mediation would be better if you both could agree as it will likely save you money. Establishing new investment strategies aligned with your current financial goals will help secure your long-term financial health. 8. Building emergency savings Post-divorce life can bring unforeseen expenses. Building or replenishing an emergency fund—covering three to six months of living expenses—is a wise strategy. This safety net provides peace of mind and financial stability during transitional periods. 9. Seeking professional assistance Given the complexities involved, working with financial professionals can be invaluable. Certified Financial Planners (CFPs), accountants, Qualified Financial Advisers (QFAs) and divorce financial specialists can help you develop a comprehensive financial plan, navigate asset division, and plan for future needs. Legal counsel can also be essential for ensuring your financial agreements are enforceable and in your best interests. 10. Emotional and financial resilience Finally, balancing the books after separation isn't solely about numbers. It requires emotional resilience and patience. Financial decisions made during this period can have long-term consequences; therefore, approaching them thoughtfully and deliberately is vital. Building a support network of professionals, friends, and family can provide guidance and reassurance as you navigate this challenging transition. Financial stability after separation or divorce is achievable with proactive planning, informed decision-making, and professional guidance. By understanding your financial position, adjusting budgets, managing debts, updating legal documents, and planning for the future, you can regain control and lay the foundation for a secure financial future. Remember, while the process may seem daunting at first, taking systematic steps will help you balance the books and move forward with confidence.
Yahoo
12-05-2025
- Yahoo
Nevada woman, 80, pleads guilty in lottery scam case that defrauded ‘vulnerable' victims of more than $15M
An 80-year-old Nevada woman, Barbara Trickle, pled guilty on April 28 to running a years-long lottery scam in federal court that defrauded victims of more than $15 million, according to the U.S. Office of Public Affairs (PAO). Trickle and two others stand accused of one count of conspiracy to commit mail and wire fraud, a crime which 8 News Now says carries a maximum sentence of 20 years in prison, plus a minimum fine of $250,000. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Trickle and her accomplices allegedly mailed millions of fake prize notices to potential victims from 2012 to 2018. Recipients were told that they would receive a large cash prize if they paid a fee between $20 and $50, according to court documents. The three scammers were accused of their crime in 2023 as a result of an investigation by the U.S. Postal Inspection Service (USPIS). 'The defendant and her co-conspirators used the promise of sweepstakes winnings to defraud the most vulnerable members in our communities,' said Inspector in Charge Eric Shen of the service's Criminal Investigations Group during the case, according to PAO. '[We] will continue to aggressively investigate mass-mailing schemes and other types of fraud to protect older Americans from financial exploitation and bring criminals to justice.' While Trickle's scheme targeted individuals of all ages and backgrounds, prosecutors say that many of the victims were older adults. Trickle was the owner of a printing and mailing business, and supervised the lasering, printing and mailing of the fraudulent prize notices — even directing her employees to collect and analyze data to improve the response rate of victims. Once a victim replied to the scheme with the $20 to $50 fee, they received a 'report' describing sweepstakes opportunities, or what the PAO report described as 'a trinket of minimal value.' Any respondents were 'inundated' with additional mailers in the hopes of extracting more money. But none of the victims were ever paid the prize that was promised. In 2018, the USPIS executed multiple search warrants and the Department of Justice (DOJ) obtained a court order to shut down Trickle's fraudulent operations. 'The Department of Justice's Consumer Protection Branch is committed to protecting elderly consumers from fraudulent mass-mailing schemes,' said Acting Assistant Attorney General Yaakov Roth of the Justice Department's Civil Division, according to the PAO press release. 'We are grateful to the Postal Inspection Service for their thorough investigation in this matter.' Read more: BlackRock CEO Larry Fink has an important message for the next wave of American retirees — here's how he says you can best weather the US retirement crisis Believe it or not, scams like this are common, with the Federal Bureau of Investigation (FBI) reporting that seniors are losing more than $3 billion annually to elder fraud. But there are a number of government supports in place to help seniors who have been victims of scams. The Office for Victims of Crime manages a National Elder Fraud Hotline at 1-833-FRAUD-11, open to all Americans aged 60 and older who have been a victim of financial fraud. Case managers will help victims by recommending appropriate reporting agencies, providing information to victims that will assist them in reporting and connect them directly with appropriate agencies. The service is also available in multiple languages. The DOJ also maintains an Elder Justice Initiative, and complaints may also be filed online. Finally, be sure to educate yourself about the types of scams that fraudsters use to target older adults, and check in with friends and family before you reply to any mail-based or online messages that look too good to be true. If the offer is high-pressure or time-sensitive, that's often a sign that it's a scam you'll want to avoid. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
The Independent
09-05-2025
- Health
- The Independent
Martin Lewis urges people to check small detail on suncream bottles to save money
Martin Lewis has advised checking an important symbol on sunscream bottles to avoid unnecessary purchases. The Money Saving Expert founder explained that the Period After Opening (PAO) number, usually found on the back of the bottle, indicates how long the product remains effective after being opened. 'When you do open it, put a little note of what date, write that onto the sunscreen and you'll know if you try to use it in a year's time,' he said on his podcast. 'Hopefully, if you've got 24 months, you won't need to buy a new one thinking, 'Oh, I'd better chuck that away — it's too old,' because it'll still be valid.'
The Print
08-05-2025
- Business
- The Print
Delhi govt may take action against its employees having free ration in violation of rules: Officials
A recent communication from the IT department said that the Services department may consider initiating suitable action against them, including recovery of benefits taken, in coordination with Food Supplies and Consumer Affairs department. The list of government employees with ration card numbers, employee codes and designation among other details have been communicated to their parent departments, officials said. New Delhi, May 8 (PTI) The Information Technology (IT) department of Delhi government has found that over 5,000 employees are availing free ration benefits against the rules and recommended suitable action against them, officials said on Thursday. The IT department detected the anomaly while working on a unified data hub project. The unified data hub is aimed to serve as a single source of data profile of applicants of various government schemes. It will play a vital role for data analytic, cross referencing and decision making within the department and hence will be a proactive approach for good governance, officials said. Under the project, different departments of Delhi government including Food and Supplies, Principal Accounts Office (PAO) and Revenue, have shared records of employees with IT department. The IT department on preliminary analysis found that records of 5,621 beneficiaries of ration scheme matched with records of employees with PAO and among them 395 beneficiaries were mentioned as family heads in the ration cards, said the IT department communication. Further, a total of 3,072 beneficiaries were found to have received certificates of income above Rs 1 lakh, it said. PTI VIT HIG This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Star
08-05-2025
- Politics
- The Star
China opposes Philippines, US, Australia joint patrol in South China Sea; but Philippines criticise a "high-risk" manoeuvre by Chinese vessel near disputed area
In this photo provided by the Armed Forces of the Philippines Public Affairs Office (PAO), Philippine Marines participate in amphibious landing exercise as part of a joint US-Philippines military exercises called Balikatan or "shoulder to shoulder", Sunday May 4, 2025 in Balabac, Palawan province, Philippines. -- Armed Forces of the Philippines PAO via AP BEIJING, May 8 (Reuters): China's foreign ministry on Thursday expressed opposition against a recent joint sea and air patrol by the Philippines, the United States and Australia in the South China Sea. China is committed to safeguarding its territorial sovereignty and maritime rights and interests, ministry spokesperson Lin Jian told a regular press conference while urging relevant countries to stop forming groups and stirring up trouble in the region. The Philippines, meanwhile, criticised on Thursday a "high-risk" manoeuvre by a Chinese vessel near the disputed Scarborough Shoal in a rare incident involving warships from the two navies. The Scarborough Shoal -- a triangular chain of reefs and rocks in the contested South China Sea -- has been a flashpoint between the countries since China seized it from the Philippines in 2012. Monday's encounter took place "approximately 11.8 nautical miles southeast" of the Scarborough Shoal, the military said, during ongoing US-Philippine military exercises that Beijing has slammed as destabilising. "The Chinese frigate BN 554 was documented tailing PS35 (BRP Emilio Jacinto) at close range, while BN 573 dangerously crossed its bow in a high-risk maneuver that created the danger of collision," the military said in a statement, labelling the incident "threatening and provocative". China in response accused Manila of sending a ship to "intrude" into its territorial waters. Its military said it had sent "naval and air forces to track, monitor, warn and drive away the Philippine boat in accordance with laws and regulations". "The relevant remarks of the Philippines side disregarded the facts, confused the public, and attempted to mislead international cognition," said Colonel Tian Junli, spokesperson of the Chinese military's Southern Theater Command. Philippines Rear Admiral Roy Vincent Trinidad told AFP the last such encounter between warships from the two navies he could remember was on a resupply mission in the South China Sea two years ago. Alexander Lopez of Manila's National Maritime Council said the Chinese vessel had been "dangerously close" to its Philippine counterpart. The ship crossing the bow of the BRP Emilio Jacinto had come within about 180 metres (590 feet), he told AFP, leaving "no room for any manoeuvre, for any emergency cases". The Chinese vessel following alongside had been less than 100 metres away, he said. China and the Philippines have engaged in months of confrontations in the South China Sea, which Beijing claims in nearly its entirety despite an international ruling its assertion has no merit. A Filipino sailor lost a thumb last June when Chinese coast guard members wielding knives, sticks and an axe foiled a Philippine Navy attempt to resupply its troops stationed on the Second Thomas Shoal. The joint US-Philippine exercises known as Balikatan, which this year were to simulate a "full-scale battle scenario", are set to end Friday.
