So, you’ve decided to get a divorce. While the biggest decision has been made, to legally separate from your spouse, it will likely not be the most painful or complicated as you work through the process. You know that you will have to talk about custody, alimony, and splitting up your property. But what about your other assets that have been collected over time? And how about the ones you may not entirely understand, such as stocks, retirement plans and life insurance policies?
Financial advisors can help you see the whole picture
If you have not been the partner in the marriage that balances the checkbook, invests in savings, or works on reallocating funds in the 401k, you may benefit from contacting a financial advisor. Financial advisors will take a forensic approach to the family’s financials and help you determine the true value of various accounts.
Pension and retirement plans should not be brushed aside, as years down the line they will be key in helping you maintain a healthy lifestyle. Stock options that intimidate the uninitiated investor should be included in the entire portfolio. Getting educated on the complete marital checkbook could ensure there is enough cash to send the kids to college and for you to retire when you want to.
Minimal assets may not need the extra assistance
That is not to say that everybody filing for divorce needs to add another consultant bill to their load. When your family rents the apartment, has a minimal savings account and no extra stocks or property, it will not benefit you to call in the financial assistant. If you have not been taking care of the bills during your marriage, you might want to take some classes at the night extension school on responsible family budgeting to ensure your future financial health.
Utah doesn’t make you hire one
While working through the divorce process, Utah has set out a schedule of events that every couple must follow. While the courts will help you complete the whole procedure, it is not necessarily designed to watch your back.
The best way to ensure that the future of you and your children is sufficiently protected while dividing the assets equitably is to contact an attorney experienced in family law. They can recommend a financial advisor that specializes in marriage dissolutions. Their objective approach can prevent you from accepting too little or giving away what is rightfully yours.
You are your own advocate in this situation. Be an effective one and get the help you need to help you move on toward a happier life.