In addition to turning your emotional life upside down, divorce can flip your wallet and your bank account inside out. Couples who were struggling financially often find it tough to transition into two households and one or both spouses might even go bankrupt. Couples that were getting by okay financially often find themselves struggling during and after divorce and even those who were financially comfortable before their divorce could be in for an unpleasant surprise.
Money is a huge cause of marital stress, from differences in money management styles to fights over why the bills are not getting paid, there are many ways that couples disagree about money. No matter how little money there is to go around, it is well established that each spouse will benefit if they navigate the divorce process with the aid of a Kansas Family Law Attorney. When a couple divorces, each spouse would also do well to consult with an accountant and a Certified Divorce Financial Analyst (CDFA) before or during the divorce.
Certified Divorce Financial Analysts and accountants each help their clients understand and plan for the financial piece of the divorce process, plan for your future, and deal with any money-related `surprises that occur along the way. They can also provide valuable insight that will keep you grounded and rational at a time when it is all too easy to let emotions run the show.
Planning in advance and hiring a financial professional can help keep you focused on rational things during a time where emotions are likely to be at an all-time high. You will make a lot of decisions during your divorce. Your attorney can offer you excellent guidance on how many of those choices would work out for you; a financial advisor can complement that advice by helping you understand how your financial decisions during the divorce process could affect you now and into the future.
Couples who work with both attorneys and financial professionals during their divorce often find that the between the support that they receive from their attorneys regarding the legal aspects of their divorce and the financial insights that they get from their financial advisors, they can work through enough of the decision-making process that they can reach an agreement about how to settle their divorce. Settling a divorce instead of taking it all the way to court saves a lot of money, so this is another way that working with a financial professional during your divorce could pay off in more ways than one.
Divorce can create big present and future financial problems for the divorcing spouses if financial decisions are not handled well during the divorce process. People who use the services of financial professionals during a divorce often feel better equipped to move forward into the next phase of their life because they have more certainty about the financial future that their advisor has helped them to map out.
A financial advisor can offer valuable insight into the monetary aspects of your divorce. If you need assistance with the legal aspects of your divorce, Kansas Family Law Attorney Thomas McDowell would be honored to help you. Please call our office today, at (316) 633-4322 to schedule an initial consultation.