Divorce is an unfortunate part of modern life, often touching every aspect of the couple and individuals’ lives. In matters of divorce, we have to help our clients deal with managing separate households, separating financial matters, providing clarity between business and personal as their ex-spouses seek to attach to their financial lives.
Personal finance areas like retirement, college education, and estate planning can be upended during divorce. When marriages start to fail, couples should engage their accountants as soon as possible, to make certain that documentation of their financial life can be furnished quickly to their lawyer and keep their business going during the divorce.
Most financial planning focuses on married couples, because the higher incomes and the different impact of the tax code often enables married couples to save significantly more wealth than their single counterparts. Other areas of finance focus on never married individuals, developing the financial and legal infrastructure to handle situations where there may never be any close “next of kin” to handle health and financial matters. Very few resources exist to help divorced individuals who must figure out how to support two households on the same income as one while dealing with the emotional challenges of divorce.
Bette was a founding member of the National Associations of Divorce Professionals, working with other legal and finance professionals that help people rebuild their legal, financial, and social lives. Bette has helped many newly single individuals establish new tax strategies and adapting to the new compliance challenges of their new legal and financial status.