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Do I need a financial planner?

Financial planning is an important part of life, both when you are married and in the event of a divorce. Money matters, such as alimony, spousal support and child support, are some of those most contentious issues in a divorce. It's normal for both parties to want to get their fair share in the divorce settlement and to also be worried about how they will fare financially once the dust from the divorce settles.

Even if you are planning on a collaborative divorce where you and your ex try to work together on the terms of the divorce settlement, it's important to have your own legal representation throughout the process to ensure you understand your rights and all the possible consequences of any proposed settlements. However, it is also important to have someone who can help you work with your finances both during and after the divorce.

If you were using a financial planner as a couple during your marriage, it's a good idea to find a new adviser once you decide to file for divorce. Just like an attorney looks after your legal interests, having your own financial planner can help you come out on the other side of your divorce with an accurate understanding of you finances and how to proceed going forward in this new chapter of your life.

If you have questions about your financial situation during or going into a divorce, a family law attorney can help you learn more about the common money issues associated with divorce and whether you may want to consider a dedicated financial planner.

Source: MarketWatch, "Before divorcing your spouse, consider divorcing your financial adviser," Melissa Montgomery-Fitzsimmons, Nov. 05, 2015

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