Going through a divorce is tough, even when ending the marriage is clearly the best possible course of action. For many in Georgia, working through the details of a divorce is incredibly stressful. There are a number of important financial decisions that must be made, and the outcome of those choices will have a lasting impact on each spouse’s financial security. During a divorce or other family law process, it is important to get assistance as needed.
For many people, that means working with a financial advisor who specializes in divorce. This is often a short-term professional arrangement, and will focus on structuring a property division settlement that is in line with an individual’s needs and goals. An advisor can help a spouse work through all of the available options, and find solutions that provide the best possible outcome.
Budgeting is another area where a financial advisor can assist a client going through a divorce. It is important to set up a post-divorce budget early in the process. That means breaking down all of the expenses that will change as a result of the divorce. Having a clear idea of what one’s expenses will look like is critical in setting up a long-term savings or debt reduction plan. It also helps clarify which assets to seek during property division, as certain assets are more liquid than others.
Many Georgia spouses are reluctant to seek help during their divorce. This approach, however, is flawed. Unless a person is a divorce attorney or another professional who works in the field of family law, there is no reason why they would be an expert on issues related to divorce. There is no shame in turning to professional help during this critical time. In fact, doing so can not only result in a more favorable financial outcome, it can also go a great way toward reducing stress while the process is ongoing.
Source: CNBC, “Headed for divorce court? Here are your top 5 financial musts“, Andrew Osterland, Dec. 22, 2016