Financial advisors are important for divorcing spouses

When Pennsylvanians are wanting to divorce, it is a very good idea for them to get advice from a financial planner. Divorce may have all sorts of negative financial consequences that may result in the loss of thousands of dollars and ruined credit.

Some people make the mistake of assuming that their divorce lawyers will be able to protect their finances. Financial advisers have training and education specific to finance that an attorney may not. A financial adviser may help clients understand the full picture of the assets and help them understand the potential tax and credit consequences of accepting different divisions of property.

People should get a full understanding of their finances, including all of the debts as well as the assets. They may want to talk with their financial planner about their future ability to retire. They may also want to carefully consider whether or not they should try to keep the marital home in the divorce. Financial advisers may also be able to find assets that a spouse has hidden and identify debts about which the other spouse does not know so they can be included in the final property settlement.

A family law attorney may take the information from the financial planner in order to work towards a negotiated settlement with the other spouse. This may help them to better protect theclient’s finances and credit. By working together with the financial planner, the lawyer may locate hidden assets and make certain the client gets a fair settlement during the property division phase.

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