Studies have shown that a large percentage of divorces are caused by financial issues. Individuals seeking a divorce in Maryland and elsewhere should be aware that hiring a financial planner might make the process easier and help them plan for their financial future. A financial planner may be able to help them evaluate their finances so that they can negotiate a fair deal in the divorce.
Some marriages have one spouse who is more informed about the couple’s finances than the other. For this reason, it’s important for the less-informed spouse to hire a financial planner so that they can be up to date on all their finances during the divorce. The planner might be able to inform them about investments and assets that they didn’t know about as well as bring up topics that they hadn’t considered, like their child’s college fund. A financial planner might help the two parties know what to ask for to fairly divide their assets during the divorce.
A financial planner can do many things, including help an individual set financial goals, plan for retirement, save up for their child’s college education, evaluate their investments, figure out a budget and more. The planner can continue working with the individual after the divorce so that they can figure out how to proceed once they’re living as a single individual again.
Individuals seeking a divorce might be interested in speaking with a family law attorney. An attorney may be able to help clients evaluate their financial situation and negotiate the fairest possible settlement with their spouse. A divorce attorney might also be able to help the individual with child custody, alimony and related issues.