Some couples in Pennsylvania divorce with high assets and some with high debts. Whichever of these two financial situations are true of a divorcing couple, they may need to consider working with a financial advisor. In fact, MarketWatch recommends “breaking up” with the financial advisor used as a couple. Each individual may need to hire their own.
If there is a dependent spouse in the marriage, then the need for a financial advisor increases tenfold. This person may have no means of making an adequate living for themselves at the time of divorce. It may take some time to rebuild momentum in their career.
If the dependent spouse made these sacrifices so that the breadwinner could focus on their career and/or to raise the children, the breadwinner needs to keep this in mind. More often than not, the partner making these sacrifices are women. However, there are male homemakers too.
MarketWatch recommends three types of financial advisors that divorcees-to-be can consult with. These include an actual financial adviser, an account or an attorney. All of these individuals may provide valuable information on how individuals may protect their financial interests during and after a divorce, without being unfair to their partners.
According to Forbes, when women begin to plan for divorce or separation, one of the main concerns is their earning power. Contrary to what Hollywood would have the world believe, there are very few women looking to take their husbands for every penny they have.
Instead, many are focused on how to find their financial footing for the way forward. For women who endured financial abuse — even those who worked throughout the marriage — they may lack the financial knowledge to separate finances and manage money on their own.
Forbes insists that women who prepare financially way ahead of time tend to be better off after the divorce. However, to do this, women may also need to consider their current financial affairs in the marriage. What about the property deeds, investment accounts, retirement accounts or shared debts? They may need to address all of these before signing on the dotted line.