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Updating your financial adviser during a divorce.

I read an interesting article pasted in this blog below.

http://www.dailyfinance.com/2015/11/16/divorcing-why-you-should-hire-a-new-financial-adviser/

When investing and saving for the future you should consider how that future will be changed in the event of a divorce.  Your investment goals may be much different following divorce than during your marriage.  Some spouses who have not worked outside the home will be given portions of the working spouse's retirement to "kick start" their own retirement.  However, this may not be enough.  The nonworking spouse may need to change their goals and focus on aggressive options for retirement.  They may need to hire a financial adviser that is different from their spouses adviser.  They may need to forecast what their future would look like in very different scenarios absent their working spouse's income.  When dividing assets during a divorce, it is likely in a long term marriage that the nonworking spouse will get a portion of the working spouse's retirement.  However even with this award, the nonworking spouse will need more income producing investments to safely secure their own retirement.  The nonworking spouse will not have the benefit of the working spouse's income in their future.  The home that was shared with the working spouse may not be an asset that the nonworking spouse can count on as a "paid for" asset in their retirement years.  Typically in a divorce the marital home is sold and the net proceeds are divided among the parties.  This eliminates the possibility for the nonworking spouse to contemplate a future without a house payment or rent payment in most cases.  The nonworking spouse may come into need for a new car as they will need reliable transportation post divorce.  Since in most cases a nonworking spouse will need to enter the workforce to make income for their financial needs.  The whole picture of their future may look very different once the divorce is finalized.  Assets that were going to be used in the retirement years while married may not exist post divorce.  Getting good sound financial advice is key. 

As lawyers we can get you the maximum benefit from your marriage during your divorce but that only starts the future.  Once those assets are divided, each spouse will need to consult with a financial adviser to best know how to make their portion benefit their new post divorce life.

Contact us today for your divorce needs (205) 623-1001.  We are here to guide you through the process.  We are here to answer your questions. Other information can be found at http://bit.ly/1TOm2yM
or http://bit.ly/1WA7LKq

or http://goo.gl/8UkJm7

 

 

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