Key advisors when facing a divorce

A divorce can throw one’s life—and financial health—into turmoil. It’s an emotional, life-changing event that few are prepared to handle by themselves. That’s why it’s critical to seek out an attorney and financial professionals beforehand. You need trusted advisors who can alert you to potential pitfalls and help prepare you in advance for the divorce proceedings so you come away with a fair distribution of assets and a solid, long-term plan for financial health.

There are three key players you need on your team: a divorce attorney, a trusted accountant, and an experienced financial advisor. Each brings a unique perspective to your situation.

1. An experienced divorce attorney

Divorces can be filled with many traumatic moments that make it challenging to weigh the pros and cons and make logical decisions. A divorce attorney serves as a detached source of expertise and judgment in an otherwise emotional time. They have been through the situation before and can tell you what to expect. They’ll help you prepare and review the necessary legal documents and may advise you on strategies for negotiating with the parties involved.

2. A trusted accountant

Determining the value of the family’s assets is a key step in the proceedings. Having an accountant you trust – ideally one that’s trusted by both spouses – can help make the process less confrontational. Whether it’s a business, properties, retirement accounts, an inheritance, or something else, an accountant can help identify the real market value of the assets. They can also assist in dividing up the assets equitably and advise you on the post-tax implications of the choices you make.

3. A knowledgeable financial advisor

Your financial advisor can help you run scenarios of what you’ll need for a comfortable financial future based on how the assets in question are divided. With their assistance, you can model and understand the long-term consequences of the settlement and set yourself on a solid course for the future. They can even help you adjust your plan so it takes into account the new realities going forward.

Yellow Cardinal Adivsory Group can be a valuable part of your team as well. If needed, we can assist you from a lending standpoint or serve as a neutral trustee. We also make a number of online tools available to help you understand spending levels and monitor transactions in the months leading up to and following the divorce settlement.

There’s no need to go through a divorce alone nor should you. Lean on the professionals detailed here and ensure your settlement is fair and your financial future is secure as you move on to the next phase of your life.