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Who can help protect your finances during a divorce?

On Behalf of | Feb 26, 2016 | Divorce

Virginia residents whose marriages are ending might be wondering how to begin financially preparing for a divorce. Most people might come to the conclusion of hiring a lawyer to represent them and to look out for their best interests. However, while a lawyer might offer guidance and advice on how to proceed legally, people might also consider the value of hiring a financial adviser.

This type of professional might offer a client the security of having someone who knows about the intricacies of finances on their side. Financial advisors can explain how the property division in a divorce might result in unequal assets, which can become very harmful to a person’s post-divorce financial status. An example of this is the division of the house and liquid assets. While the division might seem fair to both parties when the negotiations are being made, later on, when the person who has kept the house is dealing with mortgage and upkeep and the person who kept the liquid assets is receiving the rewards of these investments, the division might not seem as fair and balanced.

Financial advisers might also provide education for former stay-at-home spouses, for example, who had not previously managed the family’s finances. Additionally, they might also help track down the assets an ex-spouse was attempting to hide.

Many divorcing couples might end up using the same financial planner if they had one before or none at all. However, to avoid conflict of interests, it is better to seek independent advice, as is the case with divorce lawyers as well.