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Seeking financial advice can mitigate divorce issues

Tuesday, July 17, 2018

A lot of people who have been through the end of a marriage are aware of the financial toll it can take on both individuals once the smoke has cleared. However, Texas residents facing divorce might be surprised to learn that people often wait to seek financial advice until after their divorce has been finalized. Some experts have suggested that securing such support before approaching the negotiation table can help to mitigate divorce issues that arise.

Some have suggested that a financial adviser should be the first call placed, even before lawyers are retained. In fact, many divorce attorneys work on a regular basis with one or more financial advisers for the benefit of the lawyer's clients. Gaining a critical understanding of both marital and individual finances can have a profound effect on how the divorce process will move forward. It is important to distinguish between an attorney and a financial planner: while both are trained in finances, an attorney's skills are best put to use with regard to the actual divorce proceedings.

Financial planners, on the other hand, can help to make sense of years and sometimes decades worth of accrued assets and debts. More importantly, they can help to formulate a comprehensive plan for the new financial landscape an individual will traverse once the divorce is finalized. This can include repairing credit and undoing other financial damages that may occurred over the years.

Divorce issues are a many-headed beast for some Texas residents. It can be beneficial to have the right people in your corner when approaching divorce proceedings. Seeking the right professionals for the right support can go a long way toward achieving the desired goals. 

Source: marketwatch.com, "Before divorcing your spouse, consider divorcing your financial adviser", Melissa Montgomery-Fitzsimmons, Nov. 5, 2015

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