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Understanding the role of a divorce financial advisor

On Behalf of | Apr 19, 2023 | Divorce |

A Maryland divorce brings with it significant financial implications, some of which may last a lifetime. A divorce is also arguably the biggest financial transaction you may ever have to make, so it pays to tread carefully along the way and give asset division and related processes your full attention.

Per U.S. News and World Reports, because divorce has such a significant impact on your finances, you may want to consider including a financial advisor on your divorce team. Divorce financial advisors have specific training and credentials that make them well-suited for handling financial planning, tax considerations and similar divorce-related matters involving money. You may find it useful to add one to your divorce team if either of the following hold true.

You want someone to oversee asset division

A divorce financial advisor should be able to help you work through the process of asset division while advocating for your interests along the way. If you are unable to divide certain assets equitably, the financial advisor may be able to offer guidance about how to make up the value of certain assets elsewhere.

You need to plan for the future

Hiring a divorce financial advisor may prove especially beneficial if you are nearing the age of retirement or have concerns about having enough saved for retirement. This type of professional may be able to help you enhance your retirement funds. He or she mat, too, help ensure that you maintain something close to your current lifestyle after your split.

Many people in your shoes also choose to hire divorce financial advisors to help them navigate alimony, child support and similar divorce-related financial matters.