Ask Jennifer: Money and divorce

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September 25, 2012, 7:41 pm
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(NECN) - You've got the questions and she has the answers.

Jennifer Lane, a certified financial planner with Compass Planning, joins NECN Business to answer viewers' questions about divorce and finances.

Marylou in Hudson asks: "My husband and I are getting divorced. In order to stay home until my youngest finishes high school in three years, I'm suggesting that I take the house while he keeps his IRA account. They are about equal in value. What are your thoughts?"

Jennifer suggests that Marylou take value assets after taxes into account, and to consider selling expense and what would happen if the house sells for less.

Stephanie in Dedham writes: "My divorce was final two years ago. I receive alimony and child support, which are enough to cover monthly expenses, but college tuition is going to be a stretch. Does it matter to financial aid which parent fills out the application form? My husband has a very high salary, but I'm still supposed to pay half of the college expenses."

Jennifer advises Stephanie that income from the primary parent that the student lives with most of the time is the large factor for aid, and that they may need to use a mediator for help if they need a new agreement.

Christopher in Dorchester asks: "My wife is supposed to maintain a life insurance policy as part of our divorce agreement. I'm not sure she is complying. I have two kids in college. What happens if something happens to her and she didn't keep her policy?"

Jennifer says there is no coverage if there is no policy, and suggests that it would be best for Christopher to get an annual confirmation from the company. She also tells him to look at other available assets.

Watch the attached video for more.

Tags: Jennifer Lane, finances, divorce, Ask Jennifer, divorce settlement
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