Why Is a Financial Advisor Important During Your Divorce?
The dissolution of marriage is rarely an option for many couples who say, “I do.” Unfortunately, when divorce becomes a reality, various financial decisions must be made. Without a certified professional guiding those decisions, you may make critical financial errors that could negatively impact your finances post-divorce.
How Can a Financial Advisor Help You in Divorce Process ?
Having a trusted financial professional like the Munn & Morris Financial Advisors team will provide you with guidance to update and reevaluate your essential documents, living expenses, and living arrangement. If you neglect to plan after your divorce, you could be putting your financial future at risk.
Update your will and retitle accounts
If you and your former spouse had joint accounts, retitling these accounts and adjusting your will is essential. The changes you make to all your financial and legal documents will make transitioning into single life easier for you and your beneficiaries. Advisors can help you evaluate these complex documents and accounts to fit your situation post-divorce better.
Build up your credit
Fortunately, divorce does not affect your credit; however, it is vital to start building your credit history independent of your former spouse to plan for your newly single status. You may be considering purchasing a home or a new car, but it may prove difficult if you still have joint credit accounts that are adversely affecting your credit score. A trusted financial professional can help you understand the steps to take and why your financial future can benefit.
Evaluate your living arrangement
Whether you plan to stay in the home you shared with your former spouse or plan to purchase a new one; your living arrangement will change. This is the time to start evaluating your housing options and deciding if you need to downsize, stay where you are, or move into assisted living. Remember, a financial advisor can help you reallocate your funds to support your new goals.
How to Find a Financial Advisor in Dallas for Your Divorce?
Having a financial advisor in Dallas to assist with divorce financial planning ensures finances are intact and eliminates financial concerns through divorce proceedings. Consider how your financial advisor uses his experiences and the resources at his disposal to help you better understand your finances before, over, and after the legal divorce process.
During a divorce, sensitive financial information is typically divulged to a financial advisor that may have only ever shared with your former spouse. If there is discomfort disclosing this type of information, there may be a compatibility issue, which will not cultivate a productive working relationship. Thus, causing a loss of time during the divorce proceedings and negatively impacting a settlement. Financial advisors should be a trusted partner who understands the client’s needs and acts accordingly.
Always vet a financial advisor before hiring them to perform services to ensure they hold legitimate credentials and organizational memberships. Without this pertinent information, you could be entrusting your financial future to a novice, a con-artist, or a thief. Review the Financial Industry Regulatory Authority (FINRA), the Security and Exchange Commission (SEC), and the CFP Board for proper certifications.
Professionals You Can Trust
Uncertainty should never be a part of the process when meeting with a financial advisor. Munn & Morris’ financial advisors want to support you through challenging life events with care by assisting with the following:
- Provide proof of income to assess financial standing properly
- Develop a post-divorce budget in preparation for life after marriage
- Provide a transparent history of finances to allow for an equitable distribution of marital assets and debts
- Establish credit in a client’s name to create a positive credit history
- Understand tax and retirement implications after divorce
- Protect a client’s legal rights before, during, and post-divorce proceedings