Adding a Financial Adviser to Your Divorce Team

 Posted on November 25, 2015 in Divorce

If you are going through a divorce, or preparing for one, you likely have a divorce support team. This team includes your divorce attorney, supportive friends and family members, and possibly other help like therapists or counselors. If you are worried about costly divorce mistakes, or are hoping to ensure you get a fair divorce settlement, consider adding a financial adviser to your team. People often assume that financial advisers are only necessary for high net worth divorces, when complicated financial situations make splitting assets difficult. Yes, a financial adviser, or even a team of financial experts, is likely needed for high net worth divorces, but there are plenty of everyday divorce situations in which having a financial adviser is beneficial as well. If you and your spouse are heading for a divorce, or are already in the middle of one, it may be in your best interest to hire a financial adviser.

Do I Need a Financial Adviser?

A financial adviser can provide excellent support to anybody going through a divorce, no matter their financial circumstances. Certainly, a financial adviser is necessary for couples with large amounts of valuable assets and high net worth. Depending on the financial situation, wealthy couples may need more than just one adviser each. Divorces involving millions of dollars often require teams of experts advocating for each party.

Financial advisers are also extremely helpful for couples who have been married for a long time. Much like high net worth couples, couples who have been together for a while likely have a complex financial situation filled with shared bank accounts, properties they may own together, and lots of valuable assets accumulated over the years. A financial adviser can help untangle the mess.

In many marriages, one spouse is often responsible for the finances. They handle balancing the checkbook, paying bills, and setting a budget for the family. Women, especially of older generations, are sometimes uninvolved with their household finances. This can lead to serious problems in the case of a divorce, if one person is suddenly on their own and unable to handle their finances. If you are inexperienced with managing your own money, hiring a financial adviser during your divorce is a must. An adviser can provide the education needed to become financially independent.

Going through a divorce is a stressful and emotional process. A financial adviser can help you think past your emotions, and provide honest insight on how to be the most financially stable after your divorce. For example, many people fight for ownership of their shared family home, and are willing to part with other valuable shared assets if they get the house. They are emotionally connected to the home, for whatever reason, and decide that giving up other assets is worth it. A financial adviser, however, would likely point out the years of expenses involved in owning a home, and only advise a client to keep the property if they are comfortable enough to afford the costs.

How Do I Find an Adviser?

There are many different types of financial advisers. Some advisers help their clients manage their money. Others purely offer advice. Some are even specialized in financial planning for divorcing clients. If you believe you and your spouse are getting divorced, start shopping around for a financial adviser that fits your needs. A quick search online can provide information on hundreds of financial planners in your area, so how do you go about choosing the right one? An easy option is word of mouth. You likely know friends or family that have gone through divorce. Ask them who they hired to assist them with the process. Word of mouth referrals are a great way to find all sorts of divorce support team members, including attorneys, therapists, and financial advisers. Another option is to check with financial organizations, like the Financial Planning Association, who often provide lists of certified financial advisers across the country. Once you compiled a list of a few different potential advisers, meet with them, and pick the adviser most qualified for your specific case.

Start meeting with advisers as early as possible. Many recently divorced people hire financial advisers post divorce, but this is, unfortunately, after many important financial decisions have been made. Retirement accounts, child support, and many other important matters are handled during the divorce process itself, so having a financial adviser on your side, during your divorce, is key.

A qualified Naperville divorce attorney should also be a member of your divorce team. The attorneys Pesce Law Group, P.C. are available to assist you with your unique divorce situation today. Contact 630-352-2240 to schedule your first consultation with an attorney.

Source:

http://www.dailyfinance.com/2015/11/16/divorcing-why-you-should-hire-a-new-financial-adviser/