When you are going through a divorce, you need a lot of support from the people close to you. Family members, friends, and co-workers all want to be there for you and discuss the details of your situation. While keeping in close contact with the people around you can help your mental health, what about supporting your financial health? One of the people you may need to turn to first isn’t always the one you call first.
Getting on the same page with your financial planner can be crucial when you are going through a divorce. However, most couples see one financial planner who helps them navigate their financial goals as a couple. When you are no longer going to be a couple, should you continue to use the same financial planner as your soon-to-be ex-spouse?
At Higdon, Hardy & Zuflacht, L.L.P., we want to help you explore your financial planning options and why it may be time to find a financial planner of your own.
Why You Need a Financial Planner
Couples merge their lives and their finances when they get married. Separating these joint finances and assets during a divorce can be complex and costly. Hiring an experienced family law attorney should always be step one. Step two should be securing the help of a trusted financial planner to help you navigate your new financial situation and assist you in avoiding costly mistakes.
If you are going to be living apart from your spouse before the divorce is finalized, you may need help navigating the ins and outs of managing your money on your own again. A financial planner can be a huge asset in that department. They can help you get a handle on managing your investments or paying your bills.
A financial planner will also help you track down and identify all your marital assets. Identifying your assets is vital because you want to make sure you are receiving your fair share when it comes time to finalize your divorce. An experienced financial planner will know to look for some of the most overlooked assets such as:
- Real estate
- Bank account holdings
- Family heirlooms
- Retirement plans, 401(k)s, IRAs
- College savings accounts
- Life insurance policies
Should You Keep the Same Financial Planner?
Many couples already have a financial planner. This person has spent time getting to know you, your family, and your financial situation. This information can help them make better decisions about your future and how to plan for what’s ahead. It can be tempting to continue working with someone you trust, someone who has a familiar face during these uncertain and turbulent times. However, try to resist the urge to continue working with your current financial planner.
Your current financial planner, no matter how trustworthy, knows both you and your spouse. Interacting with each spouse can create a conflict of interest. Although they may not show it or even act like it, subconsciously there could potentially be a bias or favoritism. A bias could impact your future and financial stability post-divorce.
Your best course of action is to find a neutral financial planner to assist you during the divorce process. Be prepared to sit down and have a lengthy conversation about your current situation. Provide your new financial planner with as many documents and as much information as possible so they can assess the full scope of your situation. You should also take the time to update your new advisor with your future goals. Don’t be afraid to talk about money, what you are expecting from the divorce, and how you want to set up your future. You and your new planner need to be on the same page when it comes to your finances and how a divorce will impact you moving forward.
Contact An Experienced Texas Family Law Attorney Today
Part of divorce is confronting the unexpected. It can be a difficult and uncomfortable process, especially when dividing finances. However, having an experienced San Antonio divorce attorney and skilled financial planner on your side will make the transition easier for you and your family.
At Higdon, Hardy & Zuflacht, L.L.P., we want to be there to support you through this transition. We also want to see you come out the other side of divorce stronger and more secure. To do that, you need to get a handle on your finances today. We know you have questions. We have the answers. Call our office today at (210) 349-9933 to set up a confidential consultation with one of our knowledgeable family law attorneys.