Your Durham divorce lawyer may recommend that you find a financial adviser during your divorce in order to protect your assets, help you plan for the future and ensure your family’s financial security. Remember, your Durham divorce lawyer has your best interest in mind; he or she has worked with many clients in situations similar to yours.
What Does a Financial Adviser Do?
If you haven’t worked with a financial adviser before, but your Durham divorce lawyer has suggested that you start, you’ll need to know what they can do for you. A financial adviser:
- provides insight based on experience, research and knowledge on financial matters
- finds and suggests investment accounts and stocks that may later increase your net worth
- gives advice on real estate transactions
- prepares taxes and tax statements
- creates budgets
- maps out investment plans
While a professional financial adviser can help with all these things, it’s important to note that the term “financial planner” isn’t regulated by any agency – and that means anyone can use the title.
Certified Financial Planners: What Your Durham Divorce Lawyer May Advise
Your Durham divorce lawyer may advise you to find a certified financial planner, or CFP, rather than someone without that professional designation.
In order to become a certified financial planner, an individual has to demonstrate extensive knowledge in the financial arena by taking a comprehensive test. The CFP Board of Standards and the National Association of Personal Financial Advisors both maintain databases of certified financial planners that are available to the public.
You can also ask your Durham divorce lawyer if he or she has any professional connections to CFPs, ask your family and friends who manages their money, or search the Internet on your own. No matter where you find a financial adviser, make sure you thoroughly interview potential candidates and select the one with whom you’re most comfortable before completely entrusting someone with your money.
What You Need to Know about Hiring a Financial Adviser
Financial advisers are generally paid in one of two ways (and sometimes both): either they work on commission or they earn fees based on the services they provide.
When a financial adviser works on commission, be sure to ask whether they operate as a fiduciary. A fiduciary is legally required to recommend the best product for you, no matter what – even if it causes your financial adviser to earn less money.
Talking to Your Durham Divorce Lawyer about Your Finances
You’ll need to keep your Durham divorce lawyer in the loop when you make any major financial moves during your divorce. Since your Durham divorce lawyer can only provide you with accurate legal advice if you provide him or her with an accurate picture of your situation, you’ll need to mention any large transactions, investments or purchases that may impact your case.
