Asset division in a divorce is a process that gets more and more complicated the more property you own. In situations where you and your spouse share a high net worth, expensive homes or even just a long marriage, one thing you will want to consider doing before filing for divorce is finding a financial planner.
Suppose you already have one, someone your family has worked with for years. Continuing to use that planner is fine ”“ but only if one spouse finds a new one. Why? Because financial planners, unlike attorneys, are not bound by rules preventing them from advising both sides of a divorce. This presents a major conflict of interest; you want an advisor who is dedicated to you and you only, not your spouse. And often, your family finance manager will try to subtly suggest that both of you use his or her services to save money.
There are plenty of other situations where you can benefit from a personal financial advisor. Perhaps you were never involved in the budgeting or bill-paying process during your marriage, or perhaps you worry that your current advisor has a better relationship with your spouse than with you.
Why Find a Financial Planner before Filing?
Waiting too long to replace your spouse’s financial responsibilities to your family can be detrimental to your divorce process. A financial advisor can help you get your ducks in a row, as it were when it comes to planning your new single life.
If you have already begun your divorce proceedings, you will not be able to benefit from the advice of a financial planner when it comes to things like short-term cash needs, insurance, child support, trusts and any retirement assets you have tucked away. Having your financial advisor’s advice when you finally do begin the process of property division can be valuable in determining how to get the most equitable share of your marital wealth.
The Denver family law attorneys at Divorce Matters can help you develop a legal strategy to meet your financial needs and to protect your rights and your assets.