For years, a common suggestion for Minnesota couples seeking a divorce was to talk with an attorney before the separation. Now, a new trend is leading couples to secure their finances with help from more than just an attorney.
For many couples seeking a divorce, advice from a divorce attorney has been supplemented with guidance from financial planners. For many financial planners, divorce planning is becoming a significant part of their business. The ideal situation is for a spouse to build a team, namely an attorney and a financial planner, that can help keep a stressful situation from also leading to financial ruin.
One common piece of advice these financial planners focus on is to not rush into a settlement. It’s not just because it affects a spouse’s financial future but also their emotional state. By taking their time with the process, a spouse can bring a holistic approach to the process. Most spouses consider the big ticket items like belongings, cars, homes, and cash. But often lost in the shuffle are major decisions involving car insurance, health insurance, and other assets that don’t immediately come to mind during a divorce. With a financial planner, a spouse will be better prepared for ironing out every detail.
Before a couple officially divorce, spouses may benefit from talking with a financial planner as well as a family law attorney. This is important because divorce often leads to a drop in income and living standard. An attorney with experience in divorce law may be able to help a spouse protect his or her financial health and recover from a divorce quickly