Social Security and Divorce

This Saturday we will be presenting a Social Security benefit course for clients and other professionals we work with during dissolution proceedings such as attorneys, mental health professionals and accountants. Social Security benefits are an often misunderstood piece of the divorce financial planning picture because they are governed by federal laws, not the local laws of the state you reside in but a little planning can go a long way. Check out our past blog posts on Social Security benefits and Divorce here.

The Trouble with Gray Divorce

Simply put……..The older you are when you divorce the lower your chances of recovering from any mistakes you make during the financial settlement process. It is critical for anyone over 50 to concentrate on the long term financial planning implications of the settlement. You will have to live with the results the rest of your life. If you are part of a gray divorce you must answer 5 simple divorce financial planning questions along the way towards your financial settlement.

  1. Do I have all the information to make good financial decisions?
  2. Can I maintain my standard of living for the rest of my life?
  3. If not, What has to change?
  4. Can I live with it?
  5. How can I take control of my financial future now that I am suddenly single?