Do I Need a Financial Advisor During My Illinois Divorce?

 Posted on February 28, 2020 in Divorce

Getting a divorce can be one of the most difficult things you will have to do in your life. Not only will you have to deal with the emotional fallout from this major life change, but you also have a slew of financial and legal issues to reconcile. Some of these issues are things that you may already have on your radar, such as spousal support or how you will divide savings accounts. Other issues that need to be dealt with may not be as prominent, but important nonetheless. Have you thought about what you will do with your retirement accounts? Do you know if receiving or paying spousal support will be worth it come tax time? These are the questions that a financial advisor can help you with.

What Is the Role of a Financial Advisor?

Many people think that the only professional they need during a divorce is a lawyer. While it is important that you and your spouse each have your own attorneys, it does not hurt to hire a financial advisor too. A financial advisor’s job is to look at your financial situation and advise you of your options when it comes to finance-related decisions during your divorce. Much like an attorney gives you legal advice based on your situation, a financial advisor will give you your best financial options during your divorce.

Benefits of a Financial Advisor

There are many benefits to utilizing a financial advisor during your divorce proceedings. Some people may think that a financial advisor is only useful if you have a complex financial situation or you have a lot of money, but this is not the case. A financial advisor can be of use to any divorce situation. Here are a few benefits of hiring a financial advisor during your divorce:

• They can help you understand your financial picture. Getting a divorce requires you to have a complete idea of what your finances look like and how you want to handle them. For many people, they may know how much is in their checking and savings accounts, but they do not fully understand their entire financial picture. A financial advisor can help you know what you are working with.
• They can advise you of the value of your assets. Some of the largest assets that you will have to deal with in your divorce may include your home or your retirement accounts. Do you actually know how much these things are worth? Who decides the value of your home? A financial adviser can help you understand the actual value of your assets, from your marital home to your investment and retirement accounts.
• They can help set you up for future financial success. Some people may worry about how their finances will fare after the divorce. After all, you are going from living and running a household off of two incomes to your income solely. A financial adviser can help you set up a budget and plan accordingly for life after divorce.

Our Elmhurst, IL Divorce Attorneys Can Help You Through Your Divorce

If you are going through a divorce, you likely have multiple issues on your mind. At Weiss-Kunz & Oliver, LLC, we can help you make sure you have all of your bases covered when it comes to issues that need to be addressed. Our skilled DuPage County divorce lawyers will make sure your best interests are being considered in all divorce issues. Talk with one of our skilled attorneys today; call us at 312-605-4041 to schedule a consultation.

Sources:

https://institutedfa.com/what-cdfa-1/

https://www.forbes.com/sites/joeljohnson/2017/12/08/how-to-handle-financial-planning-during-a-divorce-4-steps-to-protect-yourself/#5e4e132725fc

https://www.investopedia.com/terms/c/cdfa.asp