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Financial advisor could offer assistance during divorce process

On Behalf of | May 27, 2020 | Divorce

The marital breakup process can understandably be complex from an emotional standpoint. However, it can be just as challenging financially in New Jersey. In light of this, seeking the assistance of a financial advisor at the start of a divorce proceeding is generally a wise idea.

A financial advisor can first help a divorcing individual to determine the best way to fulfill his or her immediate needs financially. For instance, keeping cash assets may be more beneficial than keeping the marital home as part of the divorce settlement, as a house is not a liquid asset. Investments are likewise illiquid assets that come with tax consequences when sold.

Second, the advisor may help the divorcing individual to focus on his or her long-term financial goals and needs. For example, it may behoove the divorcing individual to return to school to develop new skills for a brand-new career. Alternatively, the individual may want to complete training to advance in an existing career. Either way, it is generally a good idea for the individual to focus on producing his or her own income versus depending on the divorce settlement to meet his or her needs in the years ahead.

An attorney in New Jersey can help a divorcing individual to pursue a divorce settlement that ultimately takes his or her financial goals into consideration. For instance, the attorney can help his or her client to navigate matters such as property division and alimony in the written settlement. The attorney will push for a fair and comprehensive settlement while keeping the client’s best interests at the center of the divorce proceeding.