A Texas divorce impacts many aspects of your life, including your finances. In such challenging times, a financial advisor plays an important role in helping you navigate the financial intricacies of divorce.
Financial advisors offer many benefits to people navigating divorce.
A financial advisor’s job is to scrutinize assets, liabilities, income and expenses. By conducting a comprehensive financial review of these areas, a financial advisor helps you develop a better understanding of your financial standing. You may then use this information to make your case during divorce negotiations.
Creating a budget
A financial advisor may also be able to help you create a post-divorce budget. This budget takes into account your new financial reality, considering factors such as living arrangements, child support and spousal maintenance.
Dividing assets is often one of the most contentious aspects of divorce. Financial advisors offer invaluable guidance on how to distribute assets like homes, investments, retirement accounts and personal belongings. Their expertise helps ensure that the division aligns with your long-term financial goals.
Divorce also has a significant impact on retirement plans. A financial advisor helps you reassess your retirement goals and make necessary adjustments to ensure they remain on track. This may involve modifying retirement account contributions or exploring new investment strategies.
According to a study, 61% of women who did not work with financial advisors during divorce later wished they had. Working with a skilled financial advisor helps you navigate the complex financial terrain of divorce with confidence, helping you make a smoother transition to the next chapter of your life.