Divorce and Money: Creating a Financial Game Plan

Divorce is often the most significant financial decision a person will ever make.

A financial planner can help you make sense of your finances during the divorce process and the management of your finances after the divorce is finalized. In determining whether a financial planner is worth it, consider the following:

Assess your knowledge of your financial picture.

Do you know your credit score?  Do you know the password to every banking and credit card account?  Do you have access to electronic or paper statements from retirement accounts or investment plans?  If you are learning of new accounts during the divorce, a financial planner will be able to help you assess how those assets or debts will play into your future financial picture.

Consider your ability to afford a financial planner.

Some financial planners base their rate on the amount of assets you bring to them to manage.  Others charge a flat rate for an initial financial review, and additional charges for additional or extensive maintenance.  Even if you do not have significant assets, an initial review by a financial planner will provide you with enough guidance to navigate on your own post-divorce.

Reputation in the community.

Financial advisors are trained and qualified to provide specific advice concerning your financial situation, and this is particularly helpful when significant changes are taking place as part of a divorce. Just like your divorce attorney, a trusted financial advisor is an invaluable asset in helping you navigate through your divorce.  Check any online reviews and feel free to interview multiple financial planners before making your final selection.

By following these simple suggestions outlined above, you and the right financial planner can create the best plan for you to have a promising financial future post-divorce. Call a Goosmann Law Firm family law attorney today to help take care of your divorce troubles.