Recommendations for Divorce Planning

While getting a divorce at this time in life, numerous options exist. People at this age frequently have deeply entwined finances, and separating those assets is a long and tedious procedure. There are numerous other choices for these individuals to consider instead of a standard divorce that would save people the time and stress of separating their assets and changing their entire lifestyle.

Because Anne has not been in the workforce for a long time and because she has been accustomed to a moderately comfortable lifestyle for such a long time, I would suggest other separation options first, like a trial separation or a written separation agreement where they can remain amicable and continue life with combined assets.

One area of finances that individuals do not generally address while considering a divorce is estate planning. Hopefully, people in the later decades of life have had estate planning taken care of for some years. So, when these individuals opt to divorce, they must divide their estate assets and then pick how they would distribute them in the event of their deaths. “If you are investigating choices and gathering information before you file for divorce, examining your estate plan should be part of that process.” (Green, 2016)

If Anne and her husband decide to continue with a typical divorce, I will focus their financial objectives on separating their assets and transitioning into individual estate plans. The following suggestions are for Anne specifically because she came to me for financial assistance voluntarily, and her husband is the one who started the divorce. Anne should pursue a comfortable amount of alimony because the marriage determined that Anne would give up her employment to raise the children. It would not be easy to re-enter the workforce at this stage in her life.

Anne also needs to secure the right amount of child support for each child. If the children still live in the house she cares for them in, she needs to pursue possession of the home.

The fact that she already has an IRA worth $150,000 is amicable. However, she also needs to pursue a portion of her husband’s retirement assets because she supported him during his career by raising their children, and because he initiated the divorce; she has been blindsided by the threat of not having the proper financial provisions for her retirement. She would have an excellent case for all of these financial goods. To effectively utilize the assets she can get in planning her future as a divorcee, I highly advocate initiating serious financial planning immediately upon the divorce’s conclusion.

References:

MLA (Modern Language Assoc.)

Green, Janice. Divorce After 50: Your Guide to the Unique Legal and Financial Challenges. Vol. Third edition, NOLO, 2016.

APA (American Psychological Assoc.)

Green, J. (2016). Divorce After 50: Your Guide to the Unique Legal and Financial Challenges (Vol. Third edition). Berkeley, CA: NOLO.

ORDER A PLAGIARISM-FREE PAPER HERE

We’ll write everything from scratch

---

With a divorce rate of 49% in the U.S., financial planners are called upon to offer advice on financial concerns related to divorce.

In this scenario, Anne Smith comes to you for financial advice on how to ensure support for herself and the kids before and after the divorce. She has hired an attorney but they have just gotten started. She is a woman 55 years of age who has just learned her husband of 30 years wants a divorce. When the couple decided to have children, she and her spouse decided that she would give up her marketing career and stay at home with the children. The husband is an executive in a company making a comfortable salary of $100,000 a year and has decided he wants a divorce. The couple has a moderate portfolio of investments of $50,000, a home with a current value of $250,000. The husband has a retirement 401(k) portfolio of $400,000 and the wife has an IRA of $150,000. Research a scholarly (peer-reviewed) journal article pertaining to divorce planning from the Columbia College Library: (http://library.ccis.edu/home).

In 4-5 short paragraphs, provide recommendations for divorce planning and explain how the article supports your recommendations.

^{"Place your order now for a similar assignment and have exceptional work written by our team of experts, guaranteeing you A results."}