Financial Planning

There are many aspects to going through a divorce: the legal situation, family concerns, and financial matters. These issues can often end up intertwined but in order to avoid an overwhelming situation, it’s best to treat each of these areas separately, giving them the in-depth attention they require.

Enlisting the help of a financial planner during your divorce is essential. A knowledgeable and skilled specialist can ensure that all your financial interests are protected and help you make the right decisions for your future well-being.

Financial planning can be an effective way to ensure that you protect your financial interests and make the right decisions for your future.

The Benefits of Financial Planning Advice Before and During a Divorce

A financial planner who has experience working with divorced couples can be an invaluable asset to you during your separation.

Investing in professional financial planning services can help you deal correctly with the complex financial decisions you face during your divorce and help you better plan for the future.

Some of the benefits of financial planning services include:

  • Helps ensure that both parties understand the financial situation and their options.
  • A financial planner can provide insight on the financial repercussions of different settlement options.
  • A financial planning consultation helps you understand how your economic situation will affect your future financial planning.
  • Professional financial planning advice throughout the divorce process can help equip individuals plan their new financial life after a separation.

What is the Role of a Financial Planner in a Divorce?

A divorce financial planner works within the context of the legal divorce process to help preserve a family’s finances and is knowledgeable in divorce laws as well as financial planning.

Some of the important roles they play include:

  • Providing information, from a financial standpoint, on the different legal ways that assets can be divided. This can assist in finding a solution that is satisfactory for both parties.
  • Offering expertise on a variety of financial planning topics such as insurance, investments, assets, and debt that can come into play before, during, and after a divorce.
  • Evaluating divorce settlements to determine how they will play out and affect the financial situation of one or both parties over the following years.

Reasons to Seek Financial Planning During Divorce

If you are getting a divorce, it may be a good idea to seek the financial planning advice of an expert in order to discuss your current situation and prevent potential losses.

Here are some other reasons why you may consider hiring a financial planner during your separation:

  • You are concerned about what will happen to shared benefits, jointly held investments, and family health insurance in a divorce settlement: A financial planner can outline the best ways to determine what happens to health insurance after divorce, as well as when accounts such as RRSPs are divided after a divorce.
  • You are trying to decide on the best way to approach dividing assets such as a home: While a mortgage broker can help couples with the process of selling a home, financial planning can help you analyze options relating to the sale in terms of long-term financial planning.
  • You are wondering who is responsible for debt after a divorce: A financial planner can guide divorcing couples through dividing debt during divorce. This may include:
  1. Looking at all of the couple’s individual and joint loans to determine who is responsible for debt after divorce
  2. Analyzing how debts  affect the calculation and division of the couple’s property and  assets;
  3. Offering information about how outstanding debts and loans will impact each individual’s credit score after divorce.
  4. You and your spouse co-own a company: There are many possible solutions to this outcome. Financial planning advice can help divorcing couples settle on desired financial outcomes, whether it is shifting the roles within the business, selling the business, or having one partner buy out the other’s portion of the business.

Contact Us

The process of a marital split is a multifaceted one: there is a financial planning aspect, but also legal and emotional ones.

We offer a variety of services to provide individuals with comprehensive support during a separation. To learn more, call us today at 1-800-381-1303 or fill out the form below.

Contact Separation Superheroes

Questions? Comments? Call us today at 1-800-381-1303 or fill out the form below:
Have Questions? Call Us Today At

Call Us