Divorce is a complex process that extends beyond the emotional and relational aspects, impacting your financial landscape quite a bit. In Illinois, adding a financial advisor to your divorce team can help you navigate the intricate financial terrain.
The benefits of including a financial advisor in your divorce proceedings extend beyond number crunching. There are several reasons their expertise is valuable during this transformative phase of life.
Comprehensive financial analysis
An advantage of engaging a financial advisor during divorce proceedings is the ability to conduct a thorough financial analysis. A financial advisor can assess the value of assets, evaluate liabilities and provide a comprehensive overview of your financial standing. This analysis helps with equitable distribution. It also helps ensure that both parties receive a fair share of the marital assets.
Financial planning
Divorce brings about a significant shift in your financial trajectory. A financial advisor can help you develop a post-divorce financial plan that considers your altered income, expenses and assets. This approach ensures you are ready for the financial challenges that may arise after a divorce. It also provides a roadmap for rebuilding and securing your financial future.
Tax implications and optimization
Navigating the tax implications of divorce can be intricate. A financial advisor can prove instrumental in optimizing your tax strategy. he or she may also be able to help you make informed decisions that reduce tax liabilities. This helps you preserve more of your assets.
Despite these notable benefits, Forbes reports that 61% of women who have been through divorce and did not use financial advisors now wish they had. Engaging with a financial advisor during a divorce can help you not only navigate the financial aspects of divorce but also set yourself up for a more successful and stable financial future.
