How Can a Financial Advisor Benefit You in Your Illinois Divorce?

 Posted on March 27, 2022 in Uncategorized

Divorce is often a complex process that requires a team of professionals to help spouses plan carefully for issues like child custody arrangements and marital property division. Attorneys, friends and family, therapists, and more can all help a family transition from married life to separate households. One of the most useful professionals that couples often use in divorce is a financial advisor. There are different kinds of financial advisors and the one(s) you want will depend on your unique circumstances - high net worth families may require a team of financial advisers while other families may only want an accountant who specializes in the implications of divorce on a couple’s taxes. Here are some ways that a financial advisor could benefit you in your Illinois divorce.

Splitting Marital Property

Dividing marital assets can be a complicated and difficult process. Assets like real estate, pension plans and retirement accounts, and valuable collectibles can all affect a spouse’s financial position during the divorce and well into the future. A financial advisor can help spouses understand the advantages and disadvantages of different asset division proposals and consider whether they fit into their long-term financial plans.

Financial Planning

Spouses often share financial planners who discuss their retirement goals and help them anticipate how much money they need to set aside every year to reach their aims. Financial planners can also help couples understand how to allocate investments according to their goals and risk tolerance. For divorcing couples, financial planners do the same thing, but for each spouse individually. Because divorce can change your long-term plans, asset ownership, and retirement outlook, having a financial planner can be highly beneficial.

Tax Implications

Different divorce arrangements carry tax implications that couples may not consider until they are hit with a higher than anticipated tax bill. Even seemingly minor issues, like which parent will claim children as dependents for tax purposes, can make a significant difference when it comes to filing taxes. A financial advisor can help spouses understand whether certain decisions make sense, given the tax implications, and suggest alternative solutions that align with each spouse’s financial priorities.

Meet with an Experienced Naperville, IL Divorce Lawyer

At Pesce Law Group, P.C., we are committed to helping you pursue a smart strategy to ensure an optimal outcome in your Illinois divorce. Our skillful Naperville divorce attorneys can help you benefit from connecting with various professionals, including financial experts, to make sure that you are making wise decisions and planning for the future. We also offer free limited consultations. Contact us today at Pesce Law Group, P.C..

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+IV&ActID=2086&ChapterID=59&SeqStart=3900000&SeqEnd=5400000