Divorce can be an emotional experience for those ending their marriages in Massachusetts and throughout the country. In many cases, managing emotions is one of the biggest tasks a person will undertake during the divorce process. However, it is also important to focus on the financial issues that a divorce can cause. In addition to an attorney, it may be worthwhile to hire a financial adviser who can help an individual assess the assets that they will need as a single person.
While a divorce financial adviser is ideal for anyone ending a marriage, professional help can be especially valuable to older people. This is because they typically have more assets to divide, and the assets that they have often need to be divided correctly to avoid potential tax consequences. For instance, a 401(k) or 403(b) will likely need to be split using a qualified domestic relations order, or QDRO.