Do you need a financial advisor on your divorce team?

When you divorce your husband or wife in New York, you may find that it has financial implications that impact numerous areas of your life. A divorce has the potential to offset everything from your retirement plans to the size of your savings account, but there are some things you might do while your divorce is ongoing, such as hiring a divorce financial advisor, that may soften the blow and help you stay financially secure after a split.

According to U.S. News and World Report, divorce financial advisors are typically well-versed in the many financial aspects of divorce. When you make one a part of your divorce team, you may find that he or she helps you do the following.

Plan for retirement

Your age at the time of your divorce helps determine how much concern you may have about saving for retirement. A divorce financial advisor may be able to help you divide assets in a way that prioritizes having enough saved for retirement.

Find hidden assets or income streams

Many divorce financial advisors also know how to dig up hidden assets or income streams. It is not uncommon for one divorcing party to try to shield assets from the other. Yet, a divorce financial advisor should be able to help you find them, boosting the odds of you getting your fair share.

Anticipate tax ramifications

Dividing assets and divorcing your spouse also have implications when it comes to filing your taxes. A financial advisor may help you plan for these ramifications and minimize any strain they place on your wallet or bank accounts.

These are just a few of the many ways a divorce financial advisor may help you manage and plan for your financial future, post-divorce.