It’s a good idea to employ a divorce financial analyst prior to a divorce at any age, but it can be particularly vital if you are over 50. A divorce late in life can have significant impact on the financial stability of one or both parties. Once you’re past your prime working years, you can’t count on having the time to rebuild your financial situation. You need to know what sort of position you will be in, and how to best adjust to this new normal.
With a divorce financial analyst at your side, you will be much better prepared for the upcoming divorce. They can help you understand key financial issues at stake in the divorce, as well as potentially helping the proceedings themselves go more smoothly.
With a great financial planner on your side, you can:
Know what your half of the assets will look like.
Typically, late-age divorces will split assets down the middle, but that’s often easier said than done. Who gets the house(s)? Who gets the car(s)? How will other assets be divided up in a fair fashion? A good financial analyst can be a true help to the divorce process, by putting together proposed asset splits which are fair and equitable.
Understand your remaining cash flow.
How will your income be affected by the divorce? What income-creation assets will remain in your custody? These are vital pieces of information to have, as you plan your new life going forward. A good divorce financial analyst will make sure you are fully informed.
Know whether you need to keep working – and for how long.
Older people who get divorces often find themselves having to get a job – or a second job – or work past their planned retirement age. If this will be the case, you need to know as soon as possible to factor that into your divorce planning. The news here is often unpleasant to hear, but it’s vital information if you hope to have a plan for the future.
Have your homework done before things get legal.
From a financial perspective, the last thing you want is a long-drawn-out divorce process. They get expensive in a hurry, and that only eats up assets you need for retirement. Working closely with a divorce financial analyst beforehand can prevent a lot of waste.