Unfortunately, divorce is a topic that affects many Americans.
The statistics are all around us. Divorce is a life-changing event that affects 50 percent of married couples. Going through a divorce is not easy. Even if it is amicable, everything clients have accumulated needs to be divided, including the estate and all it contains. As we go through marriage, a lot of items are accumulated as a couple.
The thought of divorce is overwhelming, especially when it comes to dividing the estate and accounting for separate lives. In a life-altering event, patience, understanding and, ultimately, good guidance can go a long way. The most challenging life-altering events are manageable by surrounding yourself with good people. We, as advisors, should be prepared to be among those people.
If you have clients who are at that point, here are a few important considerations when planning during and after a divorce.
Scott Huff is CEO of Yourefolio, IAR Arbor Point Advisors.