'Financial Planning and Family Law' presented to section members


– Legal News Photo by Diana L. Coleman

Alan Gurwitz, Financial Advisor at Waddell & Reed and attorney Jenny McNeill MCBA Family Law Section chair.

By Diana L. Coleman
Legal News

Muskegon County Bar Association (MCBA) Family Law Section welcomed Alan Gurwitz, Financial Advisor with Waddell & Reed Financial Advisors, to present the topic of “Financial Planning and Family Law” at its March 20 meeting.

Twelve bar members listened intently as Gurwitz brought to the forefront the many financial planning aspects of family law.

“Our role as financial planner in family law matters,” said Gurwitz “is to relieve some of the stress associated with the financial decisions in divorces. By using financial planning services the stress and emotional exhaustion of both the clients and counsel is reduced.”

“It demystifies the process and makes it easier to move through the process,” said Gurwitz. “Financial planning also assists in moving through difficulties of Qualified Domestic Relations Orders.”

Waddell and Reed presents a Plan for All Seasons. Gurwitz described the financial lifecycle seasons; accumulation, pre-retirement, retirement, and legacy. His presentation described the seasons and the concerns associated with each season.

Special concerns in family law financial planning arise. “If you have spouses or children with special needs, you must plan for how they will be taken care of financially when you are no longer alive to provide for them,” said Gurwitz. “Providing for the care of children and spouses before and after the death of parents is essential.”

Gurwitz explained that Waddell and Reed is offering a free consultation to parties in divorce to talk with them about the financial planning as it relates to the parties of the divorce. Attendees questioned Gurwitz about the referral process. Gurwitz was also asked to explain the difference between his services and those of a Certified Divorce Financial Planner.

The presentation and the question and answer period following probed deep into the many special issues that arise when settling the financial issues in a family law practice.

Alan Gurwitz can be reached at Waddell & Reed Financial Advisors at www.waddell.com