The beginning of a new year also marks the start of what is known as “Divorce Season” in the family law community, as divorce inquiries and consultations spike through the first several months of the year.
If you are one of the thousands out there contemplating a New Year’s resolution to end your marriage, there are a number of reasons you may want to consider scheduling an appointment with your financial advisor before seeking a consultation with a divorce attorney.
Not only can your financial advisor help provide you with your first realistic glimpse into what lies ahead for your financial future, but they can help establish a framework for what issues are likely to arise when it comes to separating your assets.
Meeting Your Financial Advisor
First, many clients may not be certain they want to go through with a divorce at all and may want to simply look into their options. A financial advisor can assist by going over many of the financial hurdles that exist, which could play a pivotal role in a client’s choice on whether to pull the trigger.
This can be a particularly useful initial meeting since the financial advisor has a more personal relationship with their client that has likely developed over many years, whereas the divorce attorneys you meet with will have little knowledge of your background.
Additionally, since many—if not all—issues that arise in divorce have some degree of monetary impact, it is important that you realize where you stand financially before meeting a divorce attorney. Everything from your home and retirement savings to child support and spousal support will have some effect on your financial future.
The financial advisor can be a major asset in helping prepare for a divorce consultation.
Giving the financial advisor advanced knowledge that you are considering divorce will also allow them to begin preparing the documents that will be required during the divorce proceedings, which can help expedite the process.
It is important to note that financial advisors cannot give legal advice, but they can be invaluable for identifying potential issues and creating a list of desired outcomes.
For example, with a better understanding of where you stand financially, you may be able to devise a strategy for keeping your retirement accounts intact if that is something you strongly oppose dividing. It may mean giving a concession in other areas, but your financial advisor will help recognize useful bargaining chips before you consult an attorney creating a more productive meeting.
Overall, the more preparation you do before meeting the divorce attorney and the more pertinent information you can provide, the more beneficial the initial consultation.
Other Pre-Divorce Planning Tools
While your financial advisor can help make you more aware of financial implications that can potentially arise in your divorce, those are not the only concerns you will discuss in your meeting with an attorney. You will also want to have an idea of what to expect with legal issues, such as custody of children, who will pay child support, who gets the house, etc.
The Men’s Divorce Source app available in the iTunes store for iPhones and iPads offers a plethora of resources to help guys considering divorce understand what lies ahead. With a simple yet comprehensive list of questions covering a wide range of topics involved in the divorce process, this app effortlessly helps you set goals and get a better idea of what to expect for a variety of common divorce scenarios based on your unique situation.