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The Importance of Consulting a Financial Planner Before a Divorce

Posted on : September 10, 2017, By:  MatadorAdmin

The Importance of Consulting a Financial Planner Before a Divorce

A financial planner can be one of the most important people who you will meet with prior to a divorce. In some cases, this person may be more important than your attorney in determining how financially secure you are after the divorce is finalized. Why is it so important to consult with a financial professional if you are thinking about ending your marriage? As it turns out, there are several reasons.

Jennifer, thank you for being my attorney. I could not have been more pleased with the outcome of my family court hearing. Everything you have done for me throughout this case reflects in the final ruling of the judge. You helped me keep my head together and taught me a lot about myself as a person. I learned so much about my life from observing and listening to you. I will take all the advice you gave me to continue taking responsibility for my choices, continue to put the kids' needs first, and always stay truthful. Your diligence, dedication, and persistence in my case made what seemed impossible, possible. You are a wonderful person and an amazing attorney and I am stronger and more confident because of you.
A Google User
A Google User
20:31 20 Sep 17
I just want to again thank the Firm for working with me all that it has. I could not have done anything without everyone's assistance. You, Chris and Stacey have been and continue to provide me with compassion and hard work towards my case. Also a very special thanks to Kip for taking my case in the beginning. Also continued support from him and his dedication to providing me with his expertise in this matter.
A Google User
A Google User
21:41 07 Nov 17
After interviewing several law firms, I came across Jennifer Shick, and her firm, who I hired to represent me for my Family Court case. Jennifer has extensive knowledge of the law and is determined to bring the truth to every issue involved within the case. Throughout my case, Jennifer was prepared meticulously as well as went above and beyond all of my expectations. Even when the other party tried to differ from the truth, lie to the Judge, and turn situations around, Jennifer remained attentive and provided substantial evidence to show the judge the facts as well as the proof to support what was the best interests of my children. Additionally, Jennifer helped me endure many difficult experiences, situations and inspired me to remain positive throughout the entirety of my case. Her kindness, compassion, and professionalism helped me through very difficult times and made the process feel a thousand times lighter on my shoulders. She truly has my children and my best interest at heart and I trust her perspective as well as her honesty on each and every aspect of my case. She lessened the burden on my shoulders and even when I felt like the case was not going to go in my favor, Jennifer was open-minded and reassured me that the Judge would, in fact, see the truth, which he did and the case went in my favor. After nine months of court, everything finally came together. I cannot declare how much Jennifer has been an outstanding attorney. She addressed each and every issue with diligence, she cares about her clients and their families. Jennifer genuinely cares about her clients and her dedication to the details of the case was remarkable. Overall, I am extremely pleased with Jennifer’s services and I am truly thankful that I was so blessed to have her represent my children and me. I highly recommend Jennifer as one of the best attorneys in Arizona and if the situation ever arises, I will definitely have her represent my children and me again.
Google User
Google User
14:58 04 Oct 17
Dear Stacey and Kip, How can I ever thank you enough for helping me through the most difficult time in my life? I couldn't put into words my heartfelt gratefulness. You both were so compassionate and professional at every given moment throughout this process with me. I thank you from the bottom of my heart. You helped me to regain my freedom.
A Google User
A Google User
16:03 22 Nov 17
I was a client of Attorney Kevin Park for the dissolution of a divorce in 2016. And since I had never had the need to hire an attorney before for any purpose, I was somewhat apprehensive of the process. But the very calm and professional demeanor of Mr. Park eased my fears. He adeptly answered all my questions and I clearly knew the process and what to expect. And the skilled manner he communicated with opposing counsel was perfect. When it came down to negotiating with my spouse’s counsel, I knew I had selected the best attorney for my situation. What I noticed and appreciated was that he was using just the right amount of pressure with opposing counsel as was necessary. If you find yourself in this situation, you will want a seasoned professional like Mr. Park on your side. I'm very grateful that he was my attorney and not the opposition!
A Google User
A Google User
22:14 28 Jun 17
Chris is a smart and aggressive attorney for his clients. Chris always tries to reach a fair settlement of his cases. I’ve represented clients when Chris was the opposing counsel and while he is professional and amicable to work with, he does not back off on what he needs to do for his client
A Google User
A Google User
18:16 18 Sep 17
Kevin Park of Hildebrand Law was just what I needed for my divorce. He was very approachable and personable. He was quick to recognize what I needed and provided it quickly and efficiently. I hope to never need a divorce lawyer again, but if I know anyone else who does, I will definitely recommend Kevin.
A Google User
A Google User
19:22 23 Aug 17
I feel that Tracey Van Wickler is certainly one of the best family lawyers around. She is logical, intelligent, and truly cares. Tracey always does what is in the clients best interest, does it well, timely and with integrity. She is good at keeping her clients informed as to what is going on and clear in her communication both written and verbally. I have recommended Tracey to other people and will continue to recommend her. I recommended Tracey to someone who was having issues with their ex-wife and his response was, “I know how good she is because I went up against her and she ate me for lunch”. This same person was so impressed with her, he even recommended her to someone else, WOW, that is impressive! I am exceptionally happy with her attention to detail, her ability to explain things in ways that are easy to understand, as well as her ability to keep everyone focused on the most important things. I would recommend Tracey to anyone who may be in need of her services.
A Google User
A Google User
17:44 23 Jun 16

Do You Really Want the Family Home?

It is understandable that you may have an attachment to your family home. It might be where you raised your kids or it was the first house that you had ever owned, which means that you may have a strong emotional attachment to that asset. However, it is critical to remember the potential costs of keeping it in the divorce. A financial planner may help you to see why it may make more financial sense to buy a smaller home or rent an apartment as opposed to paying maintenance and other costs related to owning a large home on your own.

 

Consider the Tax Implications of Splitting Retirement Assets

If you chose to take half of your spouse’s IRA or 401k account balance today, you may owe income taxes and other penalties as a result. By keeping the money in the account until you are at least 59 1/2, it gives the account time to grow while avoiding early withdrawal penalties. Alternatively, a financial planner may better understand how to create a QDRO to facilitate the transfer of retirement funds into your own account.

 

Do You Own a Business?

The Importance of Consulting a Financial Planner Before a Divorce.

The Importance of Consulting a Financial Planner Before a Divorce.

In some states, the appreciated value of a business is considered joint property even if you were the only one actively involved in running the company. Talking with a financial planner may help you to decide whether or not to buyout your former spouse or otherwise give that person what he or she is entitled to without having to close the business. This can be done by transferring shares of stock in the company to your former spouse or by negotiating an orderly sale of the company at a later date.

What About Alimony and Child Support?

Parents who have minor children at the time of the divorce may have to pay child support to the person chiefly responsible for raising them. It may also be necessary to pay spousal support to allow your former husband or wife to maintain his or her style of living after the marriage ends. Talking with a financial professional can help you understand the tax implications of making or receiving such payments. They can also help you create a budget that includes payments for child or spousal support.

 

How Will You Adjust to Being on Your Own?

After you get a divorce, it may be necessary to open a credit card, bank and other financial accounts in your own name. It may also be necessary to account for rent or mortgage payments in addition to buying food and other staple items. A financial planner may be able to help you account for those costs as well as determine the best solution for paying off joint debts for which you’re held responsible after the divorce.

A financial planner can help you gain a better understanding of the challenges that you may face after divorce and how to handle them. Understanding how your financial circumstances might change can help you get back on your feet sooner after your marriage ends, which is beneficial for yourself and any children you may have. Working with an experienced professional such as the Financial Advisor Gaithersburg MD locals trust is recommended.

If you have a question about divorce in Arizona, please call to speak to one of our experienced Scottsdale and Phoenix Arizona divorce attorneys at (480)947-4339.

CIC Wealth Management A special thanks to authors at CIC Wealth Management for their insight into Financial Advising.