When a couple begins the divorce process, it is common that one spouse has been in charge of the finances and the other knows very little about the couple’s financial situation. Often, one spouse has earned most of the money and/or one spouse has put their career on hold to raise the children.
There is an imbalance of knowledge and awareness of what the assets are and what income the couple will now have to support two households instead of one. Bringing in a neutral financial advisor helps the couple sort through their financial issues and plan for their future.
Benefits of Using a Neutral Financial Advisor for Your Divorce
If you and your spouse can agree to use one neutral financial advisor instead of each hiring your own, you save money since you only have to pay one expert. The expert can then help you plan for your financial future as single people. Some benefits include:
- Assisting you both in gathering all information so the expert can prepare a complete inventory of marital property and inventory of separate property that either of you may own.
- Assemble tax returns, bank statements, and other financial statements so you can have a clear understanding of your current financial situation.
- Determine the financial need you will each have going forward and help each spouse understand the situation of the other spouse, which often reduces anxiety and hostility and engenders an environment of working together to make your future financially secure.
- Help determine the support needs of the children.
- Gaining an understanding of what your budget will be like after the divorce is final, and you are now living in and supporting two separate households.
A neutral financial advisor never takes sides. The expert explains the finances, discusses tax implications for how to best divide the assets, and makes suggestions for how to make it work. You and your spouse make the final decisions based on the information that is provided.
When financial decisions are made with an understanding of each other’s needs, you and your spouse can go forward with less resentment and with the knowledge you need for your future.
For More Information About Divorce Contact an Experienced Dallas Family Law Attorney
Learn more about the divorce process and how you can benefit from a neutral financial advisor. To schedule a free initial consultation with a Dallas Family Law Attorney, contact Paula Lock Smyth Law Offices at 214-420-1800.
Paula Lock Smyth has practiced law in Texas since 1985, focusing on Family Law, Probate, Mediation, and Collaborative Divorce. She is a trained mediator, seasoned litigator, and one of the early adopters of Collaborative Divorce in Texas. Paula is a member of the State Bar of Texas, the College of the State Bar and the Texas Bar Foundation and has served as Past President of Dallas Lawyers Concerned for Lawyers. She was a Master in the Annette Stewart Inn of Court and is a Charter Member of the Collaborative Law Institute of Texas. Her legal knowledge and decades of experience make her a trusted voice on matters that impact families across Dallas and surrounding counties.