Grey divorce, a term coined to describe the rising trend of couples over 50 ending their marriages, has become a notable phenomenon in recent years. This demographic shift brings unique financial challenges and opportunities, requiring specialized financial planning during the divorce process. As individuals in this age group approach or enter retirement, the stakes are high, and decisions can significantly impact their financial futures.

The Financial Implications

Divorcing later in life often involves more complex financial considerations than divorces among younger couples. Assets accumulated over decades, such as retirement accounts, real estate, and investments, must be divided. Potential impacts on Social Security benefits, health insurance, and estate planning must also be addressed.

It's essential to go over some key financial considerations, such as:

● Division of retirement accounts
● Social Security benefits
● Health insurance coverage
● Real estate and property division
● Estate planning and beneficiary designations

Insights From Financial Advisor Brooklynn Chandler Willy

Brooklynn Chandler Willy, a Certified Divorce Financial Analyst (CDFA) and founder of Texas Financial Advisory, has extensive experience guiding clients through the intricacies of grey divorce. Brooklynn's journey into the financial advisory world began in 2008, after the law firm she worked for closed down. Armed with a law degree and a passion for financial planning, she started her firm with just $6,000, determined to provide client-focused financial advice.

Brooklynn explains, "No one strategy fits everyone, which is why every client gets our undivided attention—from planning to execution to follow-up. We take a proactive approach to helping you develop a strategy to address your financial goals and objectives, using the most efficient methods available."

Financial Planning During the Divorce Process for a More Confident Future

Effective financial planning during a grey divorce involves understanding and anticipating potential challenges. Financial advisor, Brooklynn, emphasizes the importance of seeking opinions from multiple sources with diverse backgrounds. This approach ensures all aspects of a client's financial situation are considered, from immediate needs to long-term goals.

Here is your checklist of things to do, according to Brooklynn:

● Seek professional advice: Consult a Certified Divorce Financial Analyst (CDFA) to understand the financial implications of your decisions.

● Inventory assets: Compile a comprehensive list of all assets, including retirement accounts, investments, and real estate.

● Understand tax implications: Be aware of the tax consequences of asset division and spousal support.

● Plan for healthcare: Ensure you have a strategy for maintaining health insurance coverage post-divorce.

● Update estate plans: Revise your will, trust, and beneficiary designations to reflect your new situation.

Texas Financial Advisor, Brooklynn, and Her Approach

Brooklynn's firm, Texas Financial Advisory, offers a blend of legal and financial knowledge, providing clients with a holistic approach to divorce planning. Her dedication to client education and empowerment is evident in her work, as she strives to keep clients on track toward a meaningful and purpose-driven financial future.

"Recognizing that everyone encounters challenges along the way, we strive to anticipate and address those situations as they occur," says Brooklynn. "Our goal is to keep you on track toward a meaningful and purpose-driven financial future."

As the trend of grey divorce rises, the need for specialized financial planning services becomes increasingly critical. With Advisors like Brooklynn Chandler Willy at the helm, individuals navigating this life transition can feel confident in their financial decisions.
Whether you're in San Antonio, New Braunfels, Boerne, Beeville, Victoria, Corpus Christi, or Portland, Brooklyn's firm is dedicated to providing personalized advice and support.

Investment advisory services are offered through Queen B Advisors, LLC, a Registered Investment Advisor, which does business as (d/b/a) Texas Financial Advisory. Insurance products, tax preparation services, and estate planning services are offered through Texas Insurance Advisory, Texas Tax Advisory, and Texas Estate Advisory, respectively, all of which also do business as Texas Financial Advisory. Insurance products, tax preparation, and estate planning are separate from investment advisory services. Neither Queen B Advisors nor Texas Financial Advisory offers tax or legal advice. Please consult the appropriate professional regarding your circumstances.