Putting together a strong team to provide legal and financial expertise as well as emotional support can help you get through your divorce. Since divorce is a legal matter, key team members could include a lawyer, financial planner, a real estate agent, and a therapist. Your unique situation and priorities will determine what kind of professionals you may benefit from.
Potential members of your support squad
In addition to a good attorney, your divorce support team can include a network of supporting players to advocate for your best interests.
- A financial planner can help you stay on firm footing as you navigate the trade-offs of complex financial decisions.
- A real estate agent may be necessary if you plan to sell your home.
- A therapist or counselor can arm you (and kids, if you have them) with perspective and coping skills to keep you resilient.
How a financial planner can help during a divorce
A financial planner can add value by helping you:
- Budget and make the most of your income as your cash-flow needs naturally adjust over the course of your life.
- Define, prioritize, and put a dollar figure on your goals.
- Choose an appropriate mix of assets—stocks, bonds, and cash—for your goals, risk tolerance, financial situation, and timeline. After your plan is set up, your planner can help you review and rebalance your holdings considering changes in the markets or your life.
- Monitor your plan to make sure it is keeping up with changes in your life. A financial planner can put market cycles and performance in perspective, helping you avoid costly mistakes. Understand tax implications of any changes to your income or withdrawals from tax-advantaged accounts.