Is a Financial Adviser really necessary during a Divorce?
Finances can be tricky under the most ordinary circumstances, but during divorce they can become even more muddled and difficult to manage. When you have assets to divide, cash on hand and investments, your Raleigh divorce lawyer may suggest you find a qualified financial adviser to provide much-needed guidance during your divorce. Even if you feel your assets are modest, you may benefit from working with a financial adviser.
Ask Your Raleigh Divorce Lawyer for a Referral
Your Raleigh divorce lawyer probably knows a local financial adviser you can trust. It’s generally a good idea to ask before hunting around on your own, for these reasons:
• Your Raleigh divorce lawyer is aware of your financial situation and understands the complexities of your case.
• Your assets and financial information aren’t safe with just anybody.
• Your Raleigh divorce lawyer may have referred past clients to a trustworthy, reputable financial adviser.
Types of Financial Advisers
There are three types of financial advisers: those who work on commission, those who charge flat fees and those who charge a base fee and commission after providing you with suggestions for your financial future. You may wish to consult with your Raleigh divorce lawyer to determine which type of financial adviser will best suit you during your divorce.
Searching for a Financial Adviser without your Raleigh Divorce Lawyer
If you prefer to find a financial adviser on your own, or if you have not yet retained a Raleigh divorce lawyer, you need to know what to look for. A financial adviser can help you plan your financial future while your Raleigh divorce lawyer helps to secure it, so it’s important to find a financial adviser you can trust.
Things to look for in a financial adviser include:
• Education level: A highly trained expert will hold either the designation CFP (Certified Financial Planner) or CFA (Certified Financial Adviser).
• Similar client roster: Working with a professional who is experienced in working through divorce cases will benefit you more than one who doesn’t have as much experience. (That’s why it’s usually a good idea to ask your Raleigh divorce lawyer for a referral.)
• Affordability: The type of financial adviser (fee-only, fee-based and commission-based) you choose will directly impact your bill, so it’s important to choose what best fits your financial abilities during your divorce.
• Aligned expectations: If you expect face-to-face meetings, periodic telephone calls or weekly emails, make sure your financial adviser is on the same page. Like your Raleigh divorce lawyer, your financial adviser will only know what you expect if you tell him.
Contacting a Financial Adviser
Whether you have received a referral from your Raleigh divorce lawyer or have located one on your own, there are certain things you should discuss right away. Use this checklist to make sure you’ve covered all the bases.
1. Mention that you are, or will be, working with a Raleigh divorce lawyer simultaneously.
2. Explain your current financial situation as it pertains to your divorce (you should also discuss this in detail with your Raleigh divorce lawyer). Detail what assets you have that will remain yours and those that you may have to share.
3. Ask questions until you have all the answers you need. Determine what types of fees and costs will be involved, and mention the fees you are or will be paying your Raleigh divorce lawyer.
While working with a financial adviser is generally a good idea, you do not have to do anything you aren’t comfortable with. A good Raleigh divorce lawyer will take the time to understand your situation whether you hire a financial adviser or not.
