LIFE AFTER DIVORCE

December 20, 2020

Life After Divorce

Divorce is difficult and its impact affects the whole family and your retirement.

The current divorce rate in the United States is nearly 40 percent. Nearly 50 percent of divorces happens in first marriages. It climbs to 60 percent in second marriages and 73 percent of third marriages make it to divorce. Statistically, it’s a harsh reality. Our job is to make sure that we remain sensitive to the emotional experience but we must park it outside the door so we can focus on the financial plan well into the future to the newly divorced.

Divorce is difficult and impacts the whole family and retirement

The financial impact of a divorce targets the entire family, can impact those that own businesses, and we must manage the communication between the couple regarding major financial decisions that they must make together when their are children involved.

Decisions that impact housing, college, life insurance and so much more. The cliché that the only ones who financially benefit from a divorce are the lawyers. It’s a fact that reaching a mutually agreed settlement can be quite costly when left to the legal profession.

Where anger, frustration, and at times, revenge play an active role in trying find a peaceful settlement, few come out ahead. I will add that the future, more so the retirement of the newly divorced, is fragile and rarely considered during the anger that spews from a divorce settlement.

By the time our team is involved, we assess what is left after the divorce, what is the present and future cash flow, savings and lifestyle, and what are the options to ensure that the client can have a comfortable lifestyle in retirement and still manage the commitment to the divorce.

If this is your current situation, call us and lets discuss the options.

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