posted in Divorce
on Wednesday, March 28, 2012.
Aging couples in Stamford, Connecticut, may want to begin planning for an unexpected divorce. According to statistics from the U.S. Census Bureau, the divorce rate during the past two decades has increased by more than 50 percent for individuals between the ages of 48 and 66.
With such a rise in divorces, couples should be preparing for this to occur to them. Few expect this to happen, but since data shows differently, it may be a wise decision on their part.
An expert in the field said that many financial advisers warn about health care costs and inflation risks, but do not address the possibility of divorce. Advisers who have dealt with this dilemma know that it can be hard for individuals to see their assets cut in half during divorce, especially so late in life.
In order to get clients through this potentially tough time, some advisers set expectations and may even send the couple to a new financial adviser who has no experience with them. This is to ensure an equal playing field for both individuals.
According to reports, many financial advisers are becoming certified divorce financial analysts. This certification may bring more clients in before the divorce has occurred, allowing advisers to assist in the process of discovering and dividing finances. Some experts said that people come to them after the divorce is finalized with a check that they have received during their divorce settlement.
If one spouse asks for assistance before or during the divorce process, the adviser should contact the other spouse. This may remove the chances of a lawsuit later on. Many advisers and attorneys are willing to help couples during this time, no matter what age the couple is.
Source: Huffington Post, “Divorce Retirement: Financial Advisers Face Challenges When Couples Split Later,” Jessica Toonkel, Mar. 12, 2012