When you and your New Jersey husband or wife decide to end your marriage, you may have concerns about your financial big picture. When you anticipate spending your life with someone else and then suddenly have to plan for life on your own, you may need to take extra financial steps to make sure you stay afloat or avoid financial hardships.
Per U.S. News and World Report, you may want to ask yourself whether it may serve you well to add a financial advisor to your divorce team. A divorce financial advisor has a broad understanding of the financial ramifications of divorce, and he or she may be able to help you mitigate these ramifications and set yourself up for post-divorce financial success as much as possible. A divorce financial advisor may help you do the following as you navigate your split.
Anticipate tax implications
A divorce is going to impact your taxes – it is just a matter of figuring out how much it might impact them. A divorce financial advisor may be able to help you determine the tax implications of keeping specific assets, helping you make sound decisions in this area.
Find hidden assets
If you suspect your husband or wife might be trying to shield assets from you, a divorce financial advisor may be able to help you get to the bottom of things. He or she may be able to do a deep dive into your ex’s financial and online records to see if he or she is concealing assets to avoid having to split their value with you.
A financial advisor may also be able to help you through your divorce by helping you place a value on assets or calculating capital gains, among related efforts.