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As the Divorce Rate Increases, Divorce Financial Professionals are Available to Help Clients Make Decisions Based Upon Economic Realities
NPR reported this week that the divorce rate is on the rebound due to the fact that the economy is improving. Some of the reasons cited for this change are the fact that credit is getting somewhat easier to obtain, investment and retirement accounts are benefiting from the rise in the stock market and housing prices are no longer in free fall. I see all of these factors playing a role in my clients’ decisions to divorce. But another reason for the increase in cases is that many people have been waiting 2 or 3 years now for their financial situation to improve and they realize they cannot wait any longer. Regardless of whether the economic circumstances are ideal, they have decided to end their marriages. But these clients are not jumping into divorce blindly regardless of the financial consequences. They are ready to face the economic realities head on and figure out a way to allow them to separate from their spouse.
It is for this reason that I strongly recommend that my clients and their spouses hire a financial professional who is certified in divorce financial planning and/or who is certified in collaborative divorce. These professionals can work with one party or with the couple together to help them determine what asset and debt allocation makes the most sense and what support may need to be paid to assure that both parties are living as well as possible post-divorce. If clients to take the time to examine these issues in the divorce process, they have a better chance of achieving their ultimate goals of having more financial security and less emotional stress after the marriage is over.
Andrea Vacca is a Collaborative Divorce Attorney and Mediator with more than 30 years of legal experience. A former President of the New York Association of Collaborative Professionals, she is a member of numerous family law and dispute resolution organizations, including the International Academy of Collaborative Professionals, the NYS Council on Divorce Mediation, and the Family and Divorce Mediation Council of Greater New York. Andrea is also the host of A Better Divorce Podcast, which offers expert insights to help individuals approach divorce with less conflict and more intention.