Life events with financial impact: Dealing with a divorce

Two people sitting on a couch

Going through a divorce or a separation after a long-term relationship can be one of the most emotionally trying experiences in a person’s life. At its base level, it can be overwhelming.

When it comes to retirement planning, Midland National offers this checklist to shed light on what your clients may need to consider and the potential decisions ahead.

Your client’s age, years to retirement, and retirement savings determine how simple or major the changes are they need to consider to help ensure they still meet their goals. These are especially important to think about if one partner primarily dealt with the family’s finances and the other partner is not fully up to speed on what the plan was prior to separation.

Obviously, retirement planning is just one aspect to consider as there are many other important topics that this guide doesn’t cover. The intent of this list is to simply offer guidance to help ensure your clients’ retirement plans are handled according to their wishes through this transition.

In discussing any financial matters, encourage clients to start with their lawyer.

Because divorce can get complicated, the timing of when to engage in discussions on financial matters can be just as important as what’s discussed and the way they go about pursuing their chosen path.

From the joyous to the tragic, major life events can impact your clients’ finances in expected and sometimes unexpected ways. You can use this guide to help them explore what products or services could be impacted in the event of a divorce, so they can prepare and, where necessary, adjust their financial plans.

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Dealing with the death of a spouse or long-time partner

From the joyous to the tragic, major life events can impact your clients’ finances in expected and sometimes unexpected ways. You can use this guide to help them explore what products or services could be impacted in the event of the death of their spouse or long-time partner, so they can prepare and, where necessary, adjust their financial plans.

 

Insurance products issued by Midland National® Life Insurance Company, West Des Moines, Iowa. Product and features/options may not be available in all states or appropriate for all clients. See product materials for further details, specific features/options, and limitations by product and state.

Fixed index annuities are not a direct investment in the stock market. They are long term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from your accumulation value for additional optional benefit riders or strategy fees associated with allocations to enhanced crediting methods could exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients. Interest credits to a fixed index annuity will not mirror the actual performance of the relevant index.

33660Y     |     PRT 7-6-21