Whether you have a prenuptial agreement in place or not, whether your divorce is amicable or not, you are no longer part of a pair. You’re flying solo, for now, and that means the joint money decisions you used to make must be altered to suit a newly single lifestyle. Working with a financial advisor during divorce and after ensures that your assets are properly managed and you have the financial planning support to successfully navigate a new way of life.
Financial Changes After Divorce
Plenty of financial matters will change with your divorce. You may have new financial responsibilities that you didn’t have before, while others may go to your ex. Your obligations may stay the same but you’ll only have your income to take care of everything. The nuances of the breakup of a marriage are many, and the most common financial changes could include:
- Spousal support: Some divorcing couples agree to a lump sum payment during divorce, others prefer monthly spousal support checks. You’ll need to weigh the pros and cons whether you’re paying or receiving.
- Child support: This monthly obligation will change once your children reach adulthood, so paying child support is temporary. Financial guidance helps you manage your family responsibilities now while planning for what’s to come.
- Selling or keeping the family home: Should you fight to get the family home in your divorce settlement? Is this an asset that will be to your benefit or suck you dry? Financial questions like this are easily answered with expert help.
- Retirement plans: From Social Security to pension to savings plans, all your retirement resources will be impacted by divorce, but everyone’s circumstances are unique. You’ll learn what obligations you have to your ex in the future, long after your divorce is over.
Work with a Level-Headed Financial Expert
Divorce is emotional. It is fraught with ups and downs and feelings from elation to hate, happiness to grief. Making heavy financial decisions amid the demands of your heart and soul is a struggle, but having a professional financial advisor in your corner ensures that someone is advocating for your financial interests and steering you in the most beneficial direction.
If you’re not the half of your couple who has always managed your family’s investments and big-picture financial decisions, you will be at an even bigger disadvantage when you find yourself faced with all these details alone for the first time. Even if you’re comfortable with all the financial details of your former household, logical decision-making can be a struggle in the middle of a divorce.
Hire a Financial Advisor During Divorce
When you file for divorce, you will quickly discover that your attorney cannot provide financial advice – but a financial advisor can, of course. Choosing to work with an expert in divorce financial planning, whether you think your financial circumstances are complex or not, is the smart decision and one that will impact our wealth, legacy, and estate.
Get a financial education, get organized, review your expenses and savings, get schooled on opportunities, and get support for financial hurdles by hiring a financial advisor during divorce. Contact Hollander Lone Maxbauer in Southfield, MI, to schedule a consultation and learn more.