6 Ways a Divorce Financial Planner Can Help You
Divorces already cause enough emotional pain. Help alleviate the financial uncertainties by hiring a divorce financial planner who specializes in navigating you through your division of assets.
Divorce financial planning is relatively new to the divorce scene, but that doesn't make it any less valuable. Divorces can be costly, but having an advisor who can make strategic recommendations will help you short and long-term. Sam Hubbard of Coastal Divorce Advisors explains why you should consider having a specialist in divorce financial planning.
1. Serves as the financial expert on your divorce team, working hand-in-hand with your divorce attorney.
Divorce attorneys specialize in handling legal obligations and family right laws. Financial planners can provide your attorney with the best possible information about your financial needs so that your attorney can negotiate the best possible settlement for you. By having someone who specializes in financial needs and can work with your lawyer, you are setting yourself up for the best potential outcome overall.
2. Levels the playing field for spouses who are less involved with the family finances.
It's important to realize that you may not be as involved with managing the family finances as your spouse. But that's no reason to be left in the dark. A divorce financial planner can help assess what your past finance situation has been like and can prepare you for your present and future situations.
3. Identifies and evaluates the assets & liabilities and assesses potential tax implications of each.
With 85% of a divorce being about the division of assets, the divorcing process is ultimately a financial transaction. A financial planner will evaluate the assets and determine whether it can be transferred between spouses.
4. Analyzes the short and long-term impact of proposed settlement offers.
Divorce financial planners project future net worth and cash flows for up to 30 years for each property. Financial planners are there to help you for the present as well as prepare you for the future.
5. Establishes a past and future budget.
A divorce financial planner can determine what your budget and standard of living was prior to the divorce while assisting you in the creation of a new budget for your post-divorce life.
6. Provides expert witness testimony in court to further support your case.
Although you hope your case doesn't have to go to court, if it does, it's good to have all the support you can get. If a settlement cannot be reached mutually, an attorney might specifically recommend bringing in an expert witness on your financial situation. It helps to already have someone who has been with you throughout your divorce process.
For more information about what a divorce financial planner can do for you, check out our June/July issue.
For direct questions, contact Sam Hubbard at 912-234-3657 or visit coastaldivorceadvisors.com.
