Going through divorce in Illinois can certainly take an emotional and mental toll on a person, but it may also thwart his or her financial plans. Fortunately, a financial advisor can help a divorcing individual to mitigate the negative financial impacts of the divorce process. Here is a rundown on how financial advisors can assist individuals navigating a marital breakup.
The role of a financial advisor
A financial advisor can help a divorcing spouse to develop a viable strategy for achieving his or her financial goals by effectively managing his or her money. Those who are certified in the area of divorce are particularly knowledgeable about matters such as child support and alimony. They can also help divorcing individuals make informed decisions regarding the division of marital and personal property.
By enlisting the help of financial advisors who specialize in divorce, divorcing parties can also gain insights into divorce’s tax implications. An advisor can furthermore explain to a person who is getting divorced how his or her retirement account will be divided during the divorce proceeding. Insurance planning is yet another area of expertise for financial advisors.
The importance of legal support
In addition to hiring a financial advisor, an individual who is getting divorced in Illinois can significantly benefit from hiring an experienced family law attorney as early as possible during the process. An advisor differs from a lawyer in that an attorney can manage a divorce proceeding’s legal aspects, whereas a financial advisor focuses solely on the monetary aspects of divorce. However, an advisor can work alongside a lawyer to help a divorcing individual to obtain the most personally favorable settlement possible given the circumstances surrounding his or her case.