Employee Assistance Programs (EAP) have grown in number and scope since their inception, when some large companies established alcohol-related programs for their top management. Now there are even employee programs available just to explain worker's benefits, such as drug and alcohol treatment protocol.
Today counselors are often provided to handle both job and family related problems that cause stress. Ostensibly this work/life benefit is offered for mental health reasons but, in reality, improved worker productivity is probably a key reason for such programs. Regardless of the reason, many workers could expect some counseling to help them through the psychological problems that normally accompany a divorce. There is an aspect of divorce, however, that can contribute to their stress, and it is overlooked most of the time - namely surprise financial consequences, one of which is directly related to the job.
What might go through the mind of a worker when he or she learns that their Defined Benefit Retirement Plan, with no cash value does have a current value? These future benefits can be divided now, as a property settlement, via a lump sum transfer of another asset, equal to the non participating spouse's share of the marital portion of the entire benefit. This revelation might even cause the wage earner to consider quitting his job before the divorce is final rather than following this legal procedure.
There are some other potential surprises awaiting the divorcing employee that could affect their on the job productivity now, or later. For instance, tax implications triggered by the front loading of alimony, and Child Contingency Regulations, are often not mentioned by attorneys because they are not trained in accounting and wisely refrain from giving such advise in order to avoid liability issues. An unexpected thousand dollar, or more, tax liability can take a toll on the human psyche. Health benefits, real estate property, and even social security issues should also be discussed.
Rather than suggest that counselors, or an EPA, be equipped to address specific divorce questions that can cause stress, the likelihood that there could be some unforeseen financial consequences associated with a divorce should at least be put on the table. It might also be helpful to alert a divorcing employee to the existence of professionals such as Certified Divorce Financial Analysts, and Certified Divorce Specialists who could be helpful in this type of situation.
Source: divorcehq.com by Dr. J.P. Morgan, CDP, CDS
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