Did they develop a '1-Click Divorce' setting or what?
The divorce of Amazon.com AMZN, +1.20% founder Jeff Bezos and his wife of 25 years, writer MacKenzie Bezos, made headlines for its outsize asset split — she walked away with $38 billion. Perhaps more interesting is that despite the huge dollars at stake the Seattle couple managed to amicably part in 120 days.
As divorce statistics creep upward, financial advisers can end up caught in the middle. Responsibility is now suddenly split between two parties who might not agree or even have the same investment goals. Trust built up over years can feel diminished.Comfort level Here’s how I advise my clients if divorce happens to them: First, focus on the matters at hand. Attention should be given to the divorce agreement itself, legal issues, children and property.
During your search you are likely to meet all kinds of retirement advisers, wealth managers and stockbrokers who will say, “Of course I look out for you!” But that is not the same as being an actual fiduciary. One good way to be sure is to ask “Are you a fiduciary?” Or simply hire a certified financial planner. CFPs are required to meet a fiduciary standard of care to maintain their designation.
Is that good? Bad? When there are children involved it’s easy to see the amicable route as far better for everyone involved.
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