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Can a financial planner assist in your divorce?

On Behalf of | Sep 24, 2020 | Family Law

One of the leading causes of divorce in Ohio and across the United States is financial disagreements. Arguments about finances can easily arise due to the emotional connection with money and security. Individuals who are considering divorce may experience a great deal of stress when it comes to thinking about their finances along with the emotional repercussions associated with divorce.

While opting for a divorce is never an easy decision to make, couples may wonder if they need a specialized financial planner to assist in navigating each stage of the process. Along with the help of a lawyer, a financial planner may be able to help individuals who are facing divorce prepare to make sound financial decisions that could reduce stress associated with financial matters during the next stage of life.

The primary role of a financial advisor is to work with one or both spouses to ensure that the division of assets is fair whenever divorce is imminent. A financial advisor often works with an individual and his or her lawyer to identify the best possible financial outcomes during and after a divorce. This may be achieved by helping to set retirement objectives, collecting financial information, developing a realistic budget, identifying future financial goals or discussing investment strategies. A financial advisor may also help one or both parties determine what kind of lifestyles they want in the future or what plans should be made to accommodate their children’s education, if applicable.

Divorce can be a difficult process to navigate, and handling the distribution of assets could be incredibly complicated depending on a couple’s net worth. An experienced family law attorney may be able to help a couple navigate the complexities associated with the division of marital assets.