When facing a divorce, the first instinct may be to hire a lawyer, but many are also reaching out to financial planners.
“It is a growing part of our practice,” said Kim Kenawell-Hoffecker of Avantra Family Wealth.
The goal is to keep an already stressful situation from leading to a mountain of debt.
“It really becomes the couple deciding what kind of divorce that they want, are we going to litigate this or are we going to collaborate through this so that we can both come out as whole as we can,” said Kenawell-Hoffecker.
Collaboration isn’t always as easy as it seems, especially when two people have decided to divorce. So, how do you make it work?
“Consider putting your team in place,” said Kenawell-Hoffecker.
Your team can be a lawyer, financial planner, and your family, whatever you need to get through the divorce emotionally and financially.
Next, don’t rush to a settlement.
“Making the wrong settlement early on can really affect your future, and not just in dollars and cents but certainly emotionally,” said Kenawell-Hoffecker.
While going through a divorce, many people focus on the house, cars, belongings, but keep in mind the little things as well.
“We are thinking about medical insurance, auto insurance, what happens to various types of policies for not only yourself and your spouse but your children,” said Kenawell-Hoffecker.
This collaborative approach helped Christine Rittenour when she went through her divorce.
“I would not be as well off financially. I would not have the piece of mind that I have now,” said Rittenour.
“A more collaborative process in divorce benefits the family now and benefits the family in the long haul,” said Kenawell-Hoffecker.
The average cost of a divorce can range from $1,500 to over $15,000.