One of the main concerns that couples go through during their divorce period is establishing financial stability during the divorce and for a period after it? A new study indicates that about 95% of women do not consult financial advisors while going through a divorce, despite having financial goal aims they want to keep achieving.
There can be severe financial consequences if women do not turn to financial advisors. This is one of the primary pieces of advice that financial advisers in Brighton and Hove advocate women who intend to get a divorce. Only about 5% of women use a financial advisor as part of the divorce team and have benefited in paramount ways.
However, among the many financial revolutions that the worst women have seen, about 61% of the women wished that they would have known to use a financial advisor or consult family law solicitors in Camberley prior to going through with their divorce. Working with certified diverse financial advisers in Brighton and Hove has helped many women regain their footing at the end of the divorce period.
How Can Financial Advisors Help During the Divorce Phase?
A financial advisor through the process of divorce could help you ascertain the lifestyle you choose to gain and better understand the expenses before and after the divorce procedure. This process is especially important for women who have never been involved in paying bills or have any experience of managing investments, or have never bought insurance or done any kind of budgeting -Even on excel sheets.
Having a financial advisor on your divorce team can help you uncover critical financial assets that may not even be in your reader. Discovering these hidden gems can be especially crucial for making sure that you get a fair share in your divorce. In fact, if there are a few big-ticket items, they can be included in the divorce and separation process.
Here are some of the big-ticket items that you may never have known about, and your financial advisor can guide you with regard to these items:
The marital home
Both the engagement and wedding bands
All the fine jewellery, both of you own
Heirlooms and antiques passed down from generations
Bank accounts and retirement accounts
College savings account
Other hidden gems that you may want to know about and consider during the divorce division of items:
A marital home is of primary consideration as it has valuable equity, and both you and your children can benefit from living in it after the divorce. This is especially true because women tend to stay home with children even after the divorce, and winning the marital home could give them the financial stability that they need instead of looking for a house to move into after the divorce.
Also, if one isn’t able to qualify as a refinance to the mortgage of the house or cannot afford to buy out the spouses share of the marital home equity, the least you could do is sell it off at the best rate and gain some financial stability.
By registering your house on an online valuation software, you were able to gain an idea of how much your home might be worth, and working with a professional real estate appraiser could help you make the right call when it comes to selling your home.
These are some of the information that only a financial advisor in Brighton and Hove or a family law solicitor in Camberley can help you with if you belong to the UK region. Make sure to reach out to them if you are preplanning your divorce and want to include them in your divorce team.