Baby boomers, who have a higher divorce rate than other age groups, may be interested in knowing that January is “divorce month.” The start of the New Year brings with it about a one-third increase in divorce filings, maybe because families decide to stay together throughout the holiday season.
Few life transitions are more difficult divorce. Both parties need arm themselves with knowledge to avoid complications, especially for finances, said Nicole Mayer, AIF, of RPG Life Transition Specialists, a financial planning firm.
“The number of people who jump into a divorce without realizing the kind of financial implications it has is disheartening,” says Mayer. “It’s like having a baby without ever reading a parenting book.”