More and more divorcing spouses are examining the financial aspects of their divorce proceedings. These fiscally responsible individuals want to survive the dissolution of their marriages with their finances intact, and they're turning to financial planners to help them do just that.
Financial planners throughout Washington, D.C., and the rest of the United States have responded by offering various divorce planning financial solutions. Some planners even hold themselves out to specialize in divorce financial planning.
A growing part of the financial planning industry
One family wealth planner confirmed the divorce planning trend by saying, "It is a growing part of our practice." The primary goal of most separating spouses who go to a financial planner is to prevent their divorces from causing massive debt problems.
Some couples are even working together with a financial planner to determine what kind of divorce they can afford and whether it's worth it from a financial perspective to litigate their disagreements. At the end of the day, the fiscally responsible person will see the benefit of reaching an out-of-court settlement by whatever means are necessary.
Taking your time could help you arrive at a settlement
Interestingly enough, couples who are willing to take their time with their divorce process tend to have a better chance of collaborating and reaching a mutually-agreed-upon settlement. It will also prevent spouses from agreeing to the wrong kinds of things because they were in a rush to get their divorce behind them.
Choose your "divorce team" wisely
When emotions and stress are running high, sometimes a spouse who doesn't understand the financial ramifications of his or her decisions will give up, and simply agree to whatever the more aggressive spouse demands. Alternatively, being in a rush could cause spouses to be more aggressive with one another, ending in a difficult standstill in which they can't agree on anything.
By having the right people on their team in terms of legal counselors, financial advisers, mental health counselors and accountants, spouses will better understand the consequences of their decisions, so they can safeguard their financial circumstances while divorcing fairly and respectfully.