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Protecting Your Rights In Family Matters

3 reasons to consider a divorce financial advisor

On Behalf of | Dec 19, 2022 | Divorce

Most people living in Illinois find that their financial futures look entirely different after they split from their husbands or wives. Divorce has notable, measurable impacts on your finances, but there are certain things you might do amid divorce to help mitigate the financial damage your split causes. Many people navigating divorce who have concerns about their financial futures decide to hire divorce financial advisors to give them a hand.

According to U.S. News and World Reports, it is the job of the divorce financial advisor to help you anticipate how your split is going to impact your finances – and help you make appropriate plans to achieve financial stability. More specifically, you may want to hire a divorce financial advisor if the following describes your situation.

1. You are closing in on retirement

A divorce financial advisor should be able to help you set a budget for retirement. He or she may also be able to help you during asset division by suggesting ways to maximize your retirement income or savings.

2. You think your ex is hiding assets

Many financial advisors have training in finding income streams or assets in unusual places. If you hire one, this individual may be able to do a deep dive into your ex’s financial and online affairs if you suspect he or she is attempting to conceal assets.

3. You do not know how to file your taxes

Filing taxes after divorce is also much different than filing as a married couple. Your divorce financial advisor may be able to help you plan for the inevitable tax implications of a divorce.

While there are many other areas in which financial advisors may be able to help you during your divorce, these are among the main reasons many people hire them.

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