There are a number of things to consider when dissolving a marriage. Too often, important issues get overlooked because the single focus becomes division of assets and support of the children as well as each spouse. In an effort to “be done with the divorce,” couples may not fully understand how the settlement affects their financial future.
One of the very important considerations in planning for a couple’s post-divorce life is long-term care insurance.
When a couple is married, it is assumed that one spouse will be there to care for the other when illness or disability occurs. However, when unmarried individuals lose the ability to care for themselves, they may be dependent on professional caregivers.
The cost of a care-giver can be significant, depending on the level of care that is needed. Long-term care insurance is designed to cover the cost of this need. Planning for Long-term Care Insurance during the divorce process can help identify options to provide funds to pay for this coverage.
To find out more about planning for your long-term financial needs as you move through the divorce process, contact us to schedule a free phone consultation.