For many Florida residents who are going through a divorce, the sheer number of financial decisions that must be made is overwhelming. Making matters worse, most people know that the outcome of those decisions will have a lasting impact on their personal bottom line for many years to come. One way to handle property division is to employ the services of a financial professional who is skilled at managing all of the money matters related to divorce.
These professionals are known as divorce financial planners, and they are trained to assist clients in navigating the many decisions that accompany a divorce. They can help determine the tax ramifications for various property division options, which can make it easier to decide how to divide marital wealth. They can also help clients build a post-divorce budget, and understand how income and expenses will shift once the divorce is made final.
A divorce financial planner can also help with many of the more mundane, and often overlooked, details of a divorce. They can remind clients to change passwords on certain accounts and to make alterations to their designated beneficiaries. Some will even help with the creation of a new estate plan.
Having professional guidance throughout the divorce process is vital to obtaining the best possible outcome. A family law attorney can be a trusted ally and advisor, but when it comes to making property division decisions during a divorce, some Florida spouses can benefit from including a divorce financial planner to their team. That is especially true in cases where the base of marital wealth is complicated, or when a spouse has not actively participated in family finances for a lengthy period of time.
Source: startribune.com, “Specialists help to navigate financial split in divorce“, Brad Allen, Feb. 25, 2017