A divorce affects virtually every part of a person’s life. Houston residents who have been through or who may currently be going through a divorce know the breadth of reach of the experience. From property division to child support to visitation plans and more, the number of topics that must be addressed and agreed upon seems endless. The financial impact of a divorce can also be painful to many people and the losses can end up lasting a long time if proper care is not taken.
An article recently ran in the media that provided advice to people getting divorced on ways to reduce the financial loss that can sometimes accompany the situation. For seniors or anyone of retirement age, one tip is to be wary of financial seminars that sound too good to be true. Lures of free gourmet meals and more can often be a tip that other courses may be wiser options. Too often these classes lead seniors to invest in things not truly right for them.
While working with a financial professional can be helpful, it is primarily important to be knowledgeable about finances individually first. Many courses can be taken with low cost to participants at local community colleges or similar venues. These classes give helpful background and information on anything from investing to taxes and other matters of personal finance. Making sure to have a solid understanding of these topics even before meeting with a personal advisor is a smart way to avoid getting or following the wrong advice.
Knowing the basics about your financial options can help you in the long run and can also be beneficial when determining spousal support or making other agreements as part of your divorce. Talking to your attorney about such matters may also be a wise idea.
Source: Huffington Post, “Financial Tips That Ease the Sting of Divorce,” Julian Block, December 25, 2013