Considerations for retirees after reaching property settlement

On behalf of Peterson Stark Scott posted in Property Division on November 19, 2015.

When a relationship ends the matters that need to be addressed will vary depending on a variety of factors including the age of the couple. For example, while young people with children may be focused on child custody and child support matters, those who are a little older are more likely concerned with their financial situation. Depending how the finances were handled when together, after divorcing or ending their common-law marriage, some individuals may struggle with finances. While people of either gender could of course find themselves in this position, it is commonly women.

Not having enough to live on is certainly an issue for some after a relationship ends. That said, it is not always the issue. Problems can arise in cases when a couple was well-off and only one party was responsible for the finances. Should the other person receive a large settlement, the problem could be what to do with it. Tax concerns, investment decisions and estate planning can be overwhelming, particularly if one has never handled such matters.

There are steps that people who find themselves in this situation can take to avoid mismanaging their money or falling prey to a fraud. The first is to take some time to assess your new financial reality. Pay the bills but resist making major financial decisions. Do not depend on the advice of friends and family regarding what you should do. Instead, when you are ready, look for a fee-only planner who does not have a vested interest in whether you purchase products, for advice. Once you have found someone, bring a friend to the meetings you have with that individual to help decipher what is being discussed. Along these same lines, ask questions so you understand what is being discussed and get everything in writing.

Securing a good financial settlement is the first step toward the next chapter of life following the demise of a relationship. A lawyer that handles matters of this nature can be of assistance in achieving this.

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