Helping clients through a divorce

Divorce is a highly emotional experience for most people. And the fact many important financial decisions must be made under such stressful circumstances helps explain why critical mistakes often result.

Here are some financial mistakes that people commonly make when divorcing — as well as tips for you to help your clients avoid them:

Failure to Research Legal Options

Divorcing couples have several legal options, including mediation, arbitration, the collaborative process and litigation.“The biggest mistake people make when divorcing is choosing a lawyer before knowing what they need,” says Cathie Hurlburt, senior financial planning advisor with Assante Financial Management Ltd. in Vancouver. “Mediation is the cheapest option, but the process that best suits your circumstances is usually the most cost-effective, both emotionally and financially.”

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