They should review their estate documents for necessary changes along with changes in beneficiary designations on retirement plans and life insurance policies.
They must be prepared to discuss their personal and financial goals, both in the short term and long term—for instance, if they want to move to a new home, start a business, change jobs or retire.
When divorcing couples are older, they face challenges that don’t often face younger people. Their priorities are different. Their life experience is different. And their expectations for what lies ahead are different. But with a little foresight, your older clients can prepare for the consequences of a divorce and have a strong plan in place to ensure both they and their former spouses are well provided for.
Greg Sullivan is the CEO and President of Sullivan, Bruyette, Speros & Blayney and the author of Retirement Fail: The 9 Reasons People Flunk Post-Work Life and How to Ace Your Own. He will be speaking at Financial Advisor's Inside Retirement conference in Las Vegas on September 26.