Consider Including a Financial Professional on Your Divorce Team

 Posted on December 00,0000 in Divorce

Have you ever consulted with an accountant, analyst, or financial planner? For many people, working with a financial professional is something that only the wealthy need to worry about. Of course, there are those who would suggest that it is through working with financial advisors that many are able to become wealthy, but that is a topic for another day. Regardless of your income or tax bracket, however, divorce can be one of the most economically complex processes that you will ever be forced to navigate, and to get through it, the help of a financial professional may prove to be absolutely necessary.

Division of Assets

Allocating marital property is among the most challenging concerns for a large number of divorcing couples. It can be nearly impossible to determine what is fair and equitable if both spouses do not have a clear of understanding of the value of each part of the estate. A real estate appraiser, for example, can provide an accurate valuation of your home, while a retirement professional can help you analyze the current and expected value of pensions, 401(k) plans, and other investments. These considerations must be made before you and your spouse can split your assets, and doing so can allow you both to feel that you have been treated fairly.

Spousal Maintenance

Illinois law provides a number of factors that the court must take into account when deciding whether or not to award spousal support to a divorcing spouse. Simply asking for spousal maintenance is not enough. A certified accountant or financial analyst can assist you in showing to the court the value of your contributions to the marriage and to your spouse’s career, as well as the economic impact the divorce is likely to have on your life. While you may be able to provide subjective reasons why support is appropriate, quantifiable dollar amounts can be even more convincing.

Post-Divorce Planning

The role of financial professional continues far beyond the entry of the divorce judgment. Divorce, in almost every situation, promises to effect a great deal of change to the lives of both spouses. A you move forward, a financial planner can work with you to develop economic strategies for everyday life and for setting aside money for the future. Regardless of spousal maintenance, you and your ex-spouse must learn to thrive in separate households, often with increased expenses, which can be very challenging for those who were married for a significant period of time. A financial professional can help to make the transition much easier, and provide you a solid foundation for your new, promising reality.

If you are considering a divorce, contact an experienced DuPage County family law attorney. At the Law Office of Matthew M. Williams, P.C., we understand the importance of including financial professional in the divorce process and we will work closely with whoever you choose. We can even recommend particularly-suited individuals based on the specifics of your situation. Call 630-409-8184 to schedule a consultation today.

Sources:

https://www.ameriprise.com/retirement/life-events/divorce-and-finances/

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000