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Why hire a financial planner during a divorce in Michigan?

On Behalf of | Oct 14, 2020 | Blog, Divorce

While arguments about money are often cited as a frequent cause of divorce, ending a marriage can result in its own set of financial issues. If one of the individuals didn’t manage the couple’s money and didn’t know much about their assets, they might find themselves at a disadvantage. For this reason, they may find it helpful to hire a financial planner.

How can a financial planner help someone through a divorce?

During the divorce process, a financial planner may educate their client about assets and finances. As a result, their client might be better prepared for negotiations. They may also be more knowledgeable about their assets and how to protect them or negotiate for a better deal.

While some might see a financial planner as another expense in a divorce, a financial planner can actually make the divorce quicker and easier by ensuring that their client is fully prepared. They can also point out assets that their client might not be aware of, like savings accounts and college funds.

A financial planner can continue to help their client after the divorce is over. They may help their client plan for retirement, make a budget, make investments and manage their finances independently for the first time. They can also help them evaluate their current lifestyle and figure out if they need to make budget cuts.

How can an individual seek help in a divorce?

Throughout the divorce process, an individual might be faced with a number of emotional and financial challenges. An attorney may act in their client’s best interests and work to resolve the divorce as quickly as possible. The attorney might also educate a client on the process and help them negotiate a fair deal with the other party.

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