Your financial situation may look a whole lot different after a New Jersey divorce than it did before, and you may need to take extra steps while your divorce is ongoing to set yourself up for financial stability moving forward. Increasingly, men and women navigating divorces are making financial advisors part of their divorce teams, and there are a number of different reasons why this may prove beneficial.
According to U.S. News and World Report, a financial advisor’s job is to help you anticipate, plan for and minimize the financial impacts of your split. Asset division is often complex, and it may prove even more so if the relationship between you and your ex is contentious. A financial advisor may be able to help you do the following while you work your way through your divorce.
Plan for retirement
You may not know that you may be eligible to collect Social Security retirement benefits using the earnings record of your ex, rather than your own. This is the type of thing a financial advisor might make you aware of to help you plan and set aside funds for retirement.
Find hidden assets
If you believe your ex might be hiding assets or income streams, a financial advisor may be able to help you get to the bottom of things by performing a deep dive into your ex’s finances and electronic actions.
Anticipate tax implications
Your financial advisor may also help you when it comes to knowing what to expect regarding filing your taxes after your divorce.
These are just a few of the many ways a financial advisor may help you maximize your takeaway after a New Jersey divorce.