Divorce is one of the most emotionally difficult and stressful times of anyone’s life.
Sound financial planning may not be the first thing on a divorcing couple’s mind. However, it should be one of the first considerations addressed. Many times, during the hostility and in some cases out-right war of a divorce, people make mistakes or become so frustrated and worn down that they give up, give in and fail to secure their financial future. Too often they leave themselves vulnerable and with a financial picture that is unsustainable and often unrecoverable.
It is important during this time NOT to ignore your current and future financial circumstances. It also may be extremely important and worthwhile to bring a financial professional in to consult and help evaluate a couple’s options for the benefit of both parties’ financial future.
The truth is, in many divorces, a person’s current and future well-being may be impacted more than any other aspect of their lives going forward. Parties to a divorce may be forced to make major financial decisions in a short period of time without properly reflecting upon their options. Being in a highly stressed and emotionally charged environment, trying to handle the termination and dissolution of their marriage is NOT the environment to make such impactful decisions.
Just by its very nature, this is not a good recipe for sound decision making. That is why it is most important to have the right professionals to guide and help you through this process.
The collaborative process offers a team of professionals (including a trained Financial Professional) who are there to help and guide you, as well as work towards a creative solution so that all members of a family survive in the best of circumstances, notwithstanding the devastating effects that a divorce may have.
Selected excerpt(s) and linked article courtesy of Andrew Osterland, cnbc(dot)com
Royalty-free photo courtesy of Pixabay
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