Your financial situation and future may look quite a bit different than you anticipated after an Arkansas divorce. You may need to adjust to a new lifestyle, and you may, too, have concerns about having enough set aside for retirement. Increasingly, some people navigating divorces are enlisting financial advisors to help them navigate the financial implications of their splits.
According to U.S. News and World Report, a divorce financial advisor may be able to focus on maximizing your takeaway in the divorce. This is something you may struggle to do because you are also dealing with the emotional side of the equation. More specifically, a divorce financial advisor may prove helpful when it comes to the following.
Not everyone is upfront about their assets during a divorce. If your ex is among them, you may need to have your financial advisor do some research to find out if he or she is concealing assets or income streams.
Some financial advisors also have training in valuation. This means they may be able to help you determine the value of art, jewelry or other valuables so that you may split their value fairly in your divorce.
Anticipating tax implications
Your tax obligations are different as a single filer than they are when you file your taxes together with your husband or wife. A financial advisor may be able to help you plan for these unavoidable changes so you do not face unpleasant surprises during tax season.
Before selecting a particular divorce financial advisor, you may want to inquire about his or her experience level and typical client to make sure it is a good match.