Concerns of the Older Divorcing Client

Here are some of the most common concerns of the older divorcing client:

Limited Income—Many couples stay married because it’s just not financially feasible to split up and have two separate households. And in cases where the clients do want to divorce, figuring how to support two households is a struggle. Make no mistake, these clients will need to make radical changes to their respective financial lifestyles.

Health Issues—Clients are often concerned about their health and how they’re going to pay for the rising cost of insurance. Although an important issue to consider, most people forget about the health care directives they’ve established with their spouse. Revisiting your living will and Powers of Attorney is a must for the divorcing client.

Elder Abuse—It’s a big concern for the older client. Typically we think of elder abuse from the spouse, but oftentimes it’s from other family members. You’d be surprise who comes out of the woodwork when an older person gets divorced (similar to when one wins the lottery). Making sure the client has support systems in place to help during and after the divorce is paramount.

Retirement Issues—People working through divorce want to make sure they are going to make it in retirement. They may realize they’re not going to have the same financial lifestyle they planned for, but they want to make sure they’re going to be “okay”. The earlier one can come to grips with their new financial situation, the better chance they’re going to “make it”. However, most people put off “dealing with” their new finances and only recognize the importance of getting control when it’s too late. Encouraging clients to seek professional help early on in the divorce process oftentimes leads to the most success.

These are but a few of the issues a qualified divorce financial planner can help navigate.