When going through a divorce in Chicago, whether it’s amicable or contentious, there are important considerations specific to the city that come into play when dividing assets and liabilities. To help ensure you receive your entitled share during the divorce proceedings, we feel building a divorce team in Chicago is essential, which includes the experience of a financial advisor.
Here are compelling reasons why we believe having a financial advisor in Chicago is vital for your divorce team:
Financial Experience and Knowledge in the Chicago Area
Navigating the financial aspects of a divorce can be complex, especially in a city like Chicago. By having a financial advisor with experience in the local financial landscape, you gain access to their knowledge and insights. They can assist you in understanding the unique financial consequences of various settlement options, to help ensure you are not at a disadvantage.
Objective Viewpoint within Chicago’s Divorce Process
Divorce can stir up strong emotions, which can cloud judgment when it comes to dividing assets and liabilities, especially in a city as diverse as Chicago. A financial advisor acts as a neutral party, offering an objective viewpoint. They help you make decisions based on solid financial principles rather than fleeting emotions. Trust in their experience to guide you through this challenging process with clarity and confidence, accounting for the specific nuances of Chicago’s divorce process.
Comprehensive Financial Analysis
During divorce proceedings in Chicago, a financial advisor can provide a thorough analysis of your unique financial situation within the city. They will identify the specific assets and liabilities at stake, even helping to uncover any hidden ones that may impact the division. With a comprehensive approach, surprises and disputes can be mitigated in the future, taking into account the Chicago-specific financial context.
Tax Implications
Divorce can have significant tax implications, and a financial advisor can help you understand how your divorce settlement will affect your taxes. They can advise on ways to mitigate taxes to help ensure that you are not left with a hefty tax bill after the divorce is finalized. This can save you from any financial burdens in the future.
Negotiation Support Tailored to Chicago’s Laws and Regulations
Divorce negotiations can be intense, especially when considering the specific laws and regulations in Chicago. Having a financial advisor by your side working with your divorce team can provide vital support and guidance during this process. They can help ensure your financial needs are met. With their experience they can help spot any red flags or discrepancies in the other party’s financial disclosures, addressing them effectively within the Chicago divorce setting.
Long-Term Financial Planning
Divorce not only impacts the immediate division of assets and liabilities but also has long-term financial consequences, particularly in a city like Chicago. A financial advisor familiar with the local financial landscape can help you create a comprehensive post-divorce financial plan tailored to your specific needs within the city. This plan considers both your current situation and future financial goals, ensuring you have a solid foundation moving forward in Chicago.
Confidence
Experiencing a divorce is already a stressful situation, and the added responsibility of managing your finances during this time can feel overwhelming. By including a financial advisor on your divorce team, you can find confidence and alleviate some of the burdens. They will handle the financial aspects of your divorce, allowing you to focus on important matters such as self-care and taking care of your family.
Remember, it’s not just about the divorce; it’s also about securing your financial future. That’s why if you are going through a divorce in Chicago, in our opinion, it is essential to include a financial advisor as an integral part of your team. It could be one of the best decisions you make during this time.
Work with us
If you have more questions about divorce, our team is here to help you every step of the way. At Purposeful Wealth Advisors, we work closely with divorce attorneys, accountants, and other dedicated professionals to arrive at comprehensive solutions for our clients.
Contact us today to know more!
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Purposeful Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services.
Opinions expressed in the attached article are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice.
Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. While familiar with the tax provisions of the issues presented herein, Raymond James Financial Advisors are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.
