Episode description
Divorce has been dubbed ‘The Retirement Killer’ for a reason. Almost every time we work with a client who has/is going through a divorce, retirement accounts and the success of their overall financial plans quickly get derailed. All that great planning that was put in place during their wedded bliss days is up in smoke. Not only are accounts split, but the couple also deals with what can be substantial legal fees leading to the finalization of their breakup. We have never met a couple that planned for these expenses. Yet, divorce rates, somewhere around 50% in America, suggests that planning for these expenses actually makes sense. But seriously….
While 80% of people get married, 50% of those getting divorced. So how can you better plan? You can start by being better prepared when you get married. Getting married, literally joining another person to become one, is a change that affects many things, including your financial plans. You are merging what could potentially be two well laid out financial plans – the outcome is mutually beneficial, or it’s not.