When you decide to separate from your spouse, your first thought may be that you need a good lawyer. Although this is true, after you call your lawyer, you will probably want to get in touch with a reliable, experienced financial advisor. If your split is amicable, you and your spouse may go to the same financial advisor in order to prepare you both for flourishing in the financial independence after the divorce. If you and your spouse are not ready to work together, you will want to consult with a certified financial advisor on your own. Here are the four things a financial advisor can do for you throughout your divorce.
Help Divide Your Assets
When going through a divorce, your lawyers and mediators will make sure your assets are divided fairly by following your prenuptial agreement, if you have one, and accounting for how much each of you has contributed to the current financial state of your household. Although the split might be fair, it is not always in the best interest of both parties. A financial planner can help you and your partner lay out your financial goals separately and then decide which assets will help each of you achieve those goals.
With the advice of a financial planner, you will likely make better decisions about whether to sell your home and how to divide your liquid assets. If you and your partner are not working together in the divorce, you will know which assets you should fight to keep and which ones are better to concede.
Create Joint Financial Plans for Your Children
Both you and your spouse should be concerned that your children will have a financially secure future, with opportunities for education or to own a home of their own. Your financial planner can help you create a plan to save for your children's future expenses that both you and your spouse can agree to contribute to regularly. A professional opinion will often make it easier for each of you to take responsibility for how much you can and should contribute to your children's savings. It is also a good way to agree on how to invest your children's savings to make them grow more effectively.
Help You Create a Realistic New Budget
If you have been married a long time, it is likely that your finances are deeply entwined. It may be difficult for you to separate out your personal finances from your spouse's, and you may not be aware of all of the expenses that go into running your household as many families divide certain aspects of their everyday financial life.
A financial advisor can help keep you out of debt during your first years after your divorce by creating a detailed budget for you to follow.
Make Changes to Your Retirement Plan
Being unable to depend on a dual pension from you and your spouse may make you concerned about how you will survive when you retire. A financial planner can assess the quality of your current retirement plans and help you make adjustments now so that you can be independent in the future.
When selecting a financial planner, it is important you choose one who has experience dealing with divorced couples within your income bracket. You will also want to select a financial advisor both you and your spouse can trust. It is also important to trust your financial advisor to not expose your financial situation to your ex-spouse once you have divorced and become financially independent. You may even want to hire one financial planner to manage your divorce and joint ventures such as children's funds, and look into a separate one for your own finances.
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