I’m Getting Divorced. Do I Need a Financial Advisor?
If you’re considering getting a divorce on Long Island, NY, you may be wondering if you need to hire a financial advisor. Below, we discuss the role of a financial advisor in a divorce, the cost of hiring one, and whether or not it’s worth it.
What a Financial Advisor Does for a Divorce
A financial advisor is a type of professional that can help you manage your current finances and plan for the future. They can help you with investments, retirement planning, and estate planning, as well as budgeting and cash flow management. In the context of divorce, a financial advisor can help you negotiate a fair settlement, manage your finances during the divorce process, and plan for your financial future after the separation is complete.
What Are the Benefits of Having a Financial Advisor During a Divorce?
While there are many benefits to having a financial advisor during divorce proceedings on Long Island, NY, these are the top three most important:
#1. Negotiate a Fair Settlement
When divorcing in New York, you will need to divide your marital assets equitably between yourself and your spouse. A financial advisor can help you determine what constitutes fair and equitable and can work with your divorce attorney to negotiate a settlement that is in your best interests.
#2. Control Your Expenses During the Divorce Process
Divorce is an emotionally charged time, and it can be easy to make rash decisions about money. A financial advisor can help you stay on track financially, and make sure that you are making decisions that are in your best interests long-term.
#3. Plan for Your Financial Future
After your divorce is complete, you may need to start saving for retirement on your own or may need to adjust your budget to account for living on one income instead of two. A financial advisor can help you plan for these changes, and make sure that you are still on track to reach your long-term goals.
How Do I Find a Trustworthy Financial Advisor?
If you have already hired a divorce lawyer, they likely have the resources to get you connected with a financial advisor who can help you. Or, you can ask for recommendations from friends or family, or search for online customer reviews. When looking for a financial advisor, make sure they are licensed in your area and have experience working with people who are going through a divorce.
The Cost of a Financial Advisor
The average cost of a financial advisor for a divorce can range between $3,000 to $6,000, but this can vary depending on the services provided and the experience of the advisor.
This expense may be well worth it if you are going through a divorce and need help dividing assets and debts. A financial advisor can also help you create a budget and plan for your future finances. Whether you stand to gain a lot from your divorce and need guidance for managing the additional resources, or you have fewer resources that you need to find ways to stretch, a financial advisor may be beneficial for you.
Should I Hire a Financial Advisor for My Divorce?
There is no right or wrong answer when it comes to hiring a financial advisor for your Long Island, NY divorce. The key is to understand the role of a financial advisor, the benefits they can provide, and how much they typically cost, so you can decide if hiring an advisor is the best option for your specific needs and circumstances.
What If I Don’t Hire a Financial Advisor?
If you decide that you don’t need or can’t afford to hire a financial advisor for your Long Island divorce, there are still several things you can do to ensure that you make smart financial decisions throughout the divorce process.
First, educate yourself about the basics of personal finance and investing. This will give you a good foundation for understanding the financial ramifications of your divorce settlement. You can also consult with friends or family members who have been through a divorce and can offer advice from their own experience, or work with a divorce mediator or collaborative divorce lawyer to reach a mutually beneficial agreement with your spouse that is in both of your best interests.
Contact Hornberger Verbitsky, P.C. Today for More Information About Financial Advisors & Divorce on Long Island, NY
If you’re considering getting a divorce in New York, it’s important to have someone on your side who is only looking out for your best interests. Contact Hornberger Verbitsky, P.C. today for more information or to book a consultation to discuss your legal options by dialing 631-923-1910 or fill out the short form on this page. Our team of legal professionals is available now to provide you with comprehensive assistance. Serving Nassau and Suffolk counties and surrounding areas.
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