The process of getting divorced in Missouri can be challenging on a number of levels, especially when it comes to finances. Unfortunately, making wise financial decisions can be difficult for individuals who are also trying to navigate the emotional aspect of a family law proceeding like divorce. For this reason, seeking the help of a financial advisor is generally a good idea at the beginning of a divorce proceeding.
The financial advisor’s first goal should ideally be to make sure that a divorcing party’s immediate monetary needs are met. In many divorce situations, individuals end up keeping assets that are illiquid, like investments or homes. Unfortunately, selling a home to meet one’s immediate financial need can be difficult. Likewise, if investments are sold to fulfill a financial need, this has tax consequences.
The financial advisor may also help a divorcing individual to focus on how to generate income long-term, rather than merely focusing on his or her divorce property settlement. For instance, the advisor may recommend that the divorcing party develop his or her skills to start a new career or advance his or her current career. Establishing realistic expectations for the future may help the individual to feel more empowered both during and after the divorce.
A family law attorney in Missouri can likewise help a divorcing individual to make educated financial decisions that will benefit him or her both now and in the future. For instance, the attorney may provide guidance with pursuing alimony or certain assets. The attorney’s goal is to make sure that his or her client’s best interests are protected long-term.