Dealing with marital problems may seem like a natural component of a marriage; however, not all problems are created equally. Some marriages are not meant to stand the test of time, resulting in a divorce filing. Even though a marriage was not successful, this does not mean a divorce cannot be considered a successful process.
While no one plans to get a divorce, one can plan the divorce process once a spouse files to end the marriage. Finances are often a major component and issue throughout the process. Spouses are not only concerned with how their property and assets will be divided but also how much it will cost to complete the divorce process. Thus, divorce planning can help with both concerns.
With the divorce rate for those 65 and older on the incline, financial planning during the divorce process is now more important than ever. Divorce in general requires spouses to make decisions when it comes to their retirement savings, estate planning and tax planning. Even when spouses had a well laid out plan during their marriage, a divorce can significantly disrupt all of these plans.
This is where a financial advisor could be valuable. They not only pinpoint accounts and financial plans that need to bee addressed, but they can also highlight what needs to be updated once the divorce process is completed. While one may not think that hiring a financial planner is a necessary step, for older couples divorcing, it may be a valuable step to take.
Whether one is going through a grey divorce or not, addressing financial concerns and carefully planning for them is essential. It can be a very emotional and overwhelming time, making it vital that one considers their options and rights when working through a successful divorce process.