You have to sign a lot of paperwork and attend several meetings during a divorce. Have you scheduled time to sit down with a financial adviser in Ohio? As someone with a great many assets, you should not skip working alongside an experienced financial professional.
Money.com lays out several scenarios and circumstances under which a financial adviser can help you start the next chapter of your life on the right foot. Do not wait until after finalizing the divorce to get your finances in order.
Get the true financial picture
Sometimes, spouses take out loans, have massive debts and make risky financial moves that they do not bring to light during the marriage. Without hiring a financial adviser, you may not know whether it is a good idea to fight for the marital home, which could have a loan attached to it that you were not aware of. Should you win the house in the divorce, that surprise loan could become your financial responsibility.
Do not leave it all up to your lawyer
No matter how competent and responsive your lawyer is, she or he simply does not have the full scope of training and experience necessary to act as a certified financial adviser or planner. For one thing, you have to think about both your short- and long-term needs while putting together the details of your divorce. Your lawyer could help with your immediate financial needs, but not with your future financial situation.
Know which assets are truly valuable
Do you know the true value of each of your assets? By allowing a financial adviser to comb through all your assets and valuables, you can get a better idea of which assets stand to grow in value and which only seem valuable on the surface. Tax liabilities, insurance and maintenance can turn assets into liabilities.
Do not take risks with any aspect of your future as a newly single person, especially when it comes to finances. Do your future self a favor and hire a financial adviser.