How To Avoid ‘Financial Destruction’ by Planning for Divorce

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How to avoid ‘financial destruction’ by planning for divorce

Baby boomers are No. 1 group separating from each other

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DETROIT – Most divorces are filed between January and March, according to statistics from the government.

The belief that more than 50% of marriages end in divorce is no longer accurate. The number of divorces are now under the 50% threshold. However, many divorces still end in bitterness so you should be prepared.

“The number one threat to a person’s financial well-being is divorce,” said Certified Financial Planner Rick Kahler. “Divorce is a financial destruction event for both parties.”

The Census Bureau says gray divorce (baby boomers) is the number one group separating from one another. Kahler says the divorce landscape is changing.

“Couples therapy, therapy can be expensive, but nowhere near as expensive as divorce,” Kahler said. “So it makes a lot of sense of pay some attention to this: gray divorce can be especially disastrous.”

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