Should I See A Financial Advisor Before Filing For A Divorce?

Should I See A Financial Advisor Before Filing For A Divorce?

A financial advisor can help a person plan for an upcoming divorce just like an attorney can. It becomes even more important to have a financial advisor through the divorce process and prior to entering into a settlement agreement. A good financial advisor might recommend making a certain offer that will benefit both spouses and be better for the long-term financial picture and plan. Certainly, having a financial planner and an attorney ahead of time can help a person prepare fully for an impending divorce.

A financial planner can also be helpful after the divorce, providing recommendations as to how to invest the assets from the divorce, or what to do with the proceeds from selling or buying a home after the divorce, or assisting with tax advice. If someone was awarded an interest in their spouse’s retirement account, a financial advisor can discuss whether it would be better to leave those funds in the same plan, change the plan, or open a new retirement fund. There are many financial considerations before and after a divorce settlement has been reached.

Can I Move Funds To Other Accounts Or Give Them To Someone I Trust Before Divorce?

A person can move accounts as long as they have not yet filed for divorce. Once a divorce has been filed, certain orders are issued retraining parties from getting rid of assets or transferring funds. A person should be careful about transferring assets to other people; while there isn’t necessarily anything that precludes someone from doing this prior to filing for divorce, if assets are transferred or sold very close to the time of filing, then it could make the person look as if they were doing nefarious things to escape the distribution of assets to their spouse. As a result, it could put them in a bad light in front of the court and may result in them losing more than the value of the asset itself.

These are issues that should definitely be discussed with an attorney before making any decisions. Even in the best-case scenario, assets transferred could end up being transferred back into the marital estate and shared with your spouse anyway, in which case the time and energy spent on transferring the assets will have been wasted. It’s very important for people to avoid actions that might look fraudulent to the court. No one wants to look bad or lose credibility in front of the court, because this will likely result in a less favorable outcome.

For more information on Financial Advisors In A New York Divorce, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (585) 449-4987 today.

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