ClickCease Does a divorcing spouse need a financial planner? – SplitEasy

Do I need a financial advisor while going through a divorce?

Do I need a financial advisor while going through a divorce?

Although the end of a marriage may have a devastating emotional impact on a spouse, he or she often pays very little attention to its long-term financial ramifications.  A separating spouse going through this traumatic process should be assisted by a qualified and experienced financial planner.  This way, the spouse will be better prepared for their financial future.

Any decision that is made regarding financial support and the division of matrimonial assets is one that both spouses need to live with for a long time.   An experienced advisor can ensure that the choices made are the right ones for the particular situation.

How a financial planner can help a divorcing spouse

The core focus of the financial advisor is to review and develop the spouse’s budget, assets, and investments available upon separation and provide a guideline of how long the money will last by taking into account inflation and current investment positions.  

A division of assets may look very different once the cost of living, taxes, retirement, and other parameters are factored in.  Ideally, you want to consult a financial advisor before filing for divorce.

Individuals benefiting from the services of an advisor include: 

  • spouses separating from short and long term marriages, 
  • families where children are involved, 
  • marriages where one spouse contributes most of the income, 
  • marriages in which one spouse or both have ownership in a business,
  • couples with large stock option plans, jointly held investments, cottages, or investment properties.

Even though the process of separating and divorcing can have a dramatic effect upon one’s emotional health, each spouse must take the necessary measures to ensure that his or her financial health is protected.  It is at this time that a qualified and experienced financial planner can provide the necessary advice and guidance.

Does a divorcing spouse need a financial planner?

SplitEasy helps separating couples navigate the divorce procedure, with a done-for-you service for filing the necessary documentation. Learn how our service works here.