It isn’t uncommon for one spouse to manage a household’s finances during a marriage. If a couple gets divorced, the spouse who didn’t make financial decisions may need help creating a long-term financial plan. A financial adviser may be able to help a person gain the knowledge and confidence needed to be independent after a marriage formally comes to an end. For example, an adviser may help a person obtain a line of credit or find other ways to obtain short-term liquidity.
This may be helpful for those who maintained possession of the family home or other assets that can’t easily be sold. However, it is also important that individuals understand how to meet their long-term needs and achieve long-term goals. In many cases, individuals will need to return to work or leverage their talents to find work as a sole proprietor or small business owner.
Financial advisers understand that those who are managing their finances for the first time may have a lot of questions or need basic concepts explained in detail. They also understand that a person going through a divorce may have trouble processing information. Therefore, individuals shouldn’t hesitate to ask questions about things such as grace periods on mortgages or the tax consequences of dividing retirement accounts in a final divorce settlement.
A divorce may have a significant impact on a person’s financial future. An attorney may be able to help a person learn more about stocks, real estate or other assets that they may be able to obtain in a final divorce settlement. Legal counsel may also explain the process of obtaining spousal support or child support payments. Having these resources may make it easier to pay personal bills or meet a child’s basic needs as a single parent.
