shutterstock_64582606The problems associated with divorce include three main areas: income, division of property and child custody.

Income is a major topic of discussion since the income that previously supported one household, now, should support both.

Custody of children is not within the jurisdiction of the Financial Planner. However, if a Financial Planner is working with the parent who has assumed the guardianship, it is important to monitor his finances. He should advise the client on how to reduce costs and manage properly the available capital.

A second marriage, on the other hand, incorporates new data in the process of Financial Planning. Each spouse, entering a second marriage, wants to ensure that his assets would pass to his heirs after his death. It may, for example, need to change the names of the beneficiaries of the life insurance that was made during the previous marriage.

The Financial Planner should be aware that mishandling the change of title of assets to include the new spouse to manage the property and reduce property taxes, can lead to reduced pre-marriage property. Financial Planners are aware of problems that may arise in case of divorce. In these cases very often the Financial Planner works with other specialists such as tax advisor or notary.

For more information on how planning for divorce can help you, contact a Financial Planner of HFPA.

The Hellenic Financial Planners Association can provide you with a list of Financial Planners in your area. The Financial Planners who belong to HFPA meet top quality standards and professionalism..