Unfortunately, divorce happens. There is this new phenomenon called Gray Divorce. It's where women age 50 and over - 1 in 4 are getting divorced and it's growing based on census data. Gray divorcees may have complicated financial situation which requires help. Longer life expectancies are a contributing factor. Couples are deciding to divorce and live alone rather than become a widow or widower. Why? Mid life crisis, career change, declining health, confronting mortality after loss of parents, empty nest and retirement.
If you are thinking about getting a divorce, it's better to plan for it rather than jump into it out of emotion. When you have made up your mind, consider hiring a Financial Wealth Professional with experience dealing with divorce and the complicated financial process.
1) Financial analysis conducted early in the divorce process can save time. The average length of the U.S. divorce process is one year. In the beginning stages of the process, both parties spend a great deal of time trying to get a clear understanding of the financial aspects and terminology of the separation.
2) An experienced Financial Professional will strive to help you save money during the divorce process.We can explain financial aspects of the pending decisions and help to empower you to make educated decisions throughout the proceedings.
3) An experienced Financial Professional can help you avoid long-term financial pitfalls related to a divorce. We work with you and your attorney. We are able to help forecast the long-term financial effects of a divorce settlement. This includes details of tax liabilities and benefits. Developing a long-term forecast for your financial situation is can provide more clarity than a short-term snapshot. We can assist you in making financial decisions about immediate family needs as well as retirement needs.
4) An experienced Financial Professional can assist you with developing detailed household budgets to help avoid post-divorce financial struggles. We can help you think through what the divorce will really cost in the long run and develop a realistic monthly budget during the financial analysis process. Expenses such as life insurance, health insurance and cost of living increases must be taken into consideration when agreeing on a final financial settlement.
5) Using an experienced Financial Professional can help to reduce the amount of apprehension and misunderstanding about the divorce process. Misinformation and misconceptions about the divorce process can be detrimental. Many have false expectations that they will be able to secure a divorce settlement allowing them to continue with their accustomed style of living. Financial divorce analysis can help to create strategies for your economic future and help to reduce long-term regret with financial decisions made during the divorce process.