Should you hire a divorce financial planner?
According to a 2009 study, couples that argue about money at least once a week are 30 percent more likely to get divorced. With finances at the heart of so many pre-divorce disputes, it only makes sense that couples would continue to fight about money both during and long after their split. But in divorce, these disagreements can affect not only the cost of your split but also your financial future for years to come. For those reasons, it may be wise to enlist the services of a reliable third party who can help you and your spouse determine how to divide your finances.
Known as a divorce financial planner, these professionals are specially-trained money experts with the ability and know-how to guide you through divorce and set you, your spouse and your family as a whole up for future financial success. They are not able to actually transact any settlements, but they can offer advice and input to you and your family law attorney, which you can decide whether or not to accept.
Although each financial planner has a different process, there are a few things most will generally do when they are working with divorcing couples. First, they will determine each spouse’s cash flow and whether they have enough money to pay for basic expenses and to save for larger items. Second, they will determine whether the spouses need to sell assets such as real estate or stocks, either separately or as a couple, in order to afford their post-divorce lives.
Third, they will analyze the couple’s specific needs, such as child support, retirement accounts, taxes, asset-tracking, stock options, liens and any other of the many issues that can come up in divorce.
In general, it is never a bad idea to have a neutral third-party expert to help you through divorce. Your Las Vegas family law attorney can help you determine whether a divorce financial planner is right for you.
Source: Morningstar, “Breaking Up Is Hard to Do: Why You Should Use a Divorce Financial Planner,” John F. Wasik, June 1, 2012