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Should you hire a financial planner during your divorce?

| Oct 7, 2020 | Uncategorized |

When filing for divorce in Illinois, hiring a financial planner might be the last thing on a person’s mind, but divorce involves dividing and taking stock of one’s financial assets. With a financial planner, an individual might be better able to plan a budget, figure out how to divide up their assets and take care of themselves financially after the divorce has been finalized.

Who can benefit from hiring a financial planner?

Anyone going through a divorce can benefit from hiring a financial planner. For the spouse who’s been less involved in making money and managing the couple’s finances, a financial planner can be particularly useful. During the divorce process, a financial planner can help their client evaluate their assets, choose their goals, develop a budget and determine what kind of lifestyle they’re seeking after the divorce.

Once the divorce is finalized, a financial planner continues to work with their client to help them budget their new lifestyle and meet their financial goals. They can also educate their client on taxes, retirement, savings for college and other factors that they might not have known about. Now that their client is living on their own, it’s important for them to be knowledgeable about personal finance.

How can an individual get legal assistance during a divorce?

A financial planner can cover the financial aspects, but a client may still need legal guidance during their divorce. For that, they may hire a family law attorney. An attorney might help their client value and divide financial assets, including properties, investments and retirement funds. They may also be able to help their client settle a joint custody agreement or fight for full child custody if necessary. Additionally, an attorney might arrange a spousal support agreement if their client needs to be supported financially after the divorce.