No magic pill exists for making the challenges of divorce disappear. However, financial advisors in Missouri can help to mitigate many difficulties associated with divorce. Here are a couple of ways that financial advisors can assist divorcing individuals in achieving their desired outcomes post-divorce.
Financial planning during divorce
During the early stages of the process, divorcing individuals would be wise to gather their financial information and provide it to their financial advisors as soon as possible. This information includes mortgage statements from banks and tax returns retrieved from public accountants. It also includes investment statements obtained from wealth advisors.
Next, divorcing individuals may benefit from creating balance sheets listing all of their current liabilities and assets. This is important because some assets might not be as valuable as others are when taxes are factored in. In addition, assets like the marital home may be not as financially advantageous as cash assets are due to the ongoing expenses associated with owning a house.
Legal support in conjunction with financial planning
In addition to enlisting the help of a financial advisor during the marital breakup process, someone going through a divorce should ideally work with an experienced Missouri family law attorney as well. A savvy attorney can help divorcing individuals determine which assets to pursue at the negotiation table and whether to seek alimony, for example. One’s attorney will strive to achieve a just and comprehensive outcome that is in his or her client’s long-term best interests.