If you are facing a divorce — or the possibility of a divorce — have you considered an experienced financial professional?
Here are 3 important reasons you should contact a financial professional:
We will assist you in gathering financial data.
One of the first questions your attorney will ask is: What assets do you own? What about your debts and obligations? A divorce financial professional knows exactly what information you will need. We will help you organize your financial records to prepare for that initial consultation with your attorney, and later, for court, so that you are well prepared.
We will provide helpful information.
You are going to be asked to make decisions. You will be informed of your rights and responsibilities under the law by your attorney. A divorce financial professional will provide information about the taxes and financial ramifications and make suggestions as to how to divide assets, liabilities and cash flow.
We will help you identify your goals and prioritize them.
Like most things in life, we do not get everything we want. A divorce financial professional can help you identify your goals and then prioritize them.
A common example: Many times, a soon-to-be-divorced wife will say, “I really want to keep the house.” The conversation could end there and have the house appraised. Or you could dig a little deeper and say, “So, tell me more about why you want to keep the home.” And, she may go on to explain that their son is a junior or sophomore in high school, and she does not want him to be forced to change schools before graduation.
Then it’s clear that she is expressing a short-term goal rather than a long-term goal. It changes the dynamics quite a bit. So, a reply might be something like: I understand that you want to keep the house until Johnny graduates, but here are some things to consider.
Divorce is never easy. People tend to be emotionally driven during difficult times. Our job is to help them step back and make sound financial decisions. If, as in the example above, the wife decides to keep the home, that is okay– but, at least it will be an informed decision.
If you are facing the possibility of divorce, we are here to work with you and your attorney. The earlier you contact us, the better we are able to help you prepare for what lies ahead.
When should you call an experienced divorce financial professional?
Susan A. Moussi, CPA, CFP®, CDFA SMD Tax & Divorce Financial Planning Consultants, Inc. Phone: 614.429.4172 firstname.lastname@example.org