When you split from your husband or wife in North Dakota or Minnesota, you may have questions about what your financial future is going to look like now that you do not have your former partner’s income or assets to fall back on. You may, too, have questions about whether you are going to have what it takes to retire comfortably or maintain the lifestyle you do now in the absence of your one-time partner.
Per U.S. News and World Report, many people in your shoes have similar questions and concerns. Some are finding that hiring financial advisors during their divorces helps them plan for the future and make sound decisions when it comes to money. Why might you want to consider adding a financial advisor to your divorce team?
To help you anticipate tax ramifications
Splitting assets has tax implications, and a financial advisor may be able to help you anticipate what these implications are going to be. Sometimes, you and your ex might divide assets in a manner you believe is fair initially only to find that it costs you in the long run after factoring in tax ramifications.
To help you uncover hidden assets
Many people navigating divorces also choose to hire financial advisors because they suspect their spouses are concealing assets. Financial advisors may be able to help you find digital assets or hidden income streams your ex does not want you to know about.
These are just two examples of the many ways a financial advisor may prove useful during your divorce. In summary, a financial advisor should be able to help you plan for the future, prioritize your financial goals and minimize the financial impact of your split.