By GNGF on October 28th, 2022 in
What financial considerations should you weigh when obtaining a divorce?
Divorce is never easy, even if both parties agree that it’s best. This is especially true if children are involved. Generally, it may involve sharing schedules for the children, possible spousal and child support, and a division of assets. The division of assets can become very emotional. As you contemplate a divorce the financial decisions will be critical as it will impact your new life. Having help with discussing the items that are “on the table” can help you understand what is most important to your needs. Experienced professionals that have helped others in divorces should be utilized to help you keep all relevant items into perspective.
Obtaining a Financial Advisor that has experience with divorces may be very helpful to help explain how the assets that are involved be arranged to help you. Whether both spouses are working or one works as a homemaker, the assets that have been accumulated during the marriage can and should be strategically thought of before agreeing to any proposal by your spouse. Retirement assets, debt, equity in real estate, business assets, rental property, vacation homes, social security, life insurance, annuities, pensions, medical and educational needs are just a few items to consider and to strategically discuss how they may best suite your needs for today and tomorrow. When children are involved the stakes are higher because they are the most important of any divorce. How they are to be cared for today and as they age can be very taxing on a single spouse. Two of the biggest expenses one should consider with children are medical and educational needs.
Having a team of professionals working on your behalf is of upmost importance as each individual’s needs are unique and warrant special attention. Just as selecting your divorce attorney is of importance, selecting a qualified experienced financial advisor is of importance. A financial advisor that has experience with divorce cases knows how to work with you the client and attorney and when to incorporate other professionals to help generate a successful outcome.
Once the divorce is finalized working with an experienced financial advisor to manage retirement accounts and other assets will become of greater importance to help you fulfill your new goals. This is your time to obtain a new financial advisor that you can work with and begin preparing for your future. Many find it easier to deal with their current financial advisor since they already have the investments and the division may be easier; however, do not fall into this trap as it may lead to a “conflict of interest”. After-all, this divorce is about change and you must now look out for your best interest.
If you would like help in navigating through your divorce or would like to discuss how to best position the assets that have been awarded please call Craig Gissy at Gissy Investment Services, LLC. He can be reached via email at: [email protected] or call him for a no-obligation discussion at 636-207-5830 extension 10.