Jul 18, 2011

When is the right time to see a financial planner?

Finances

Before you make any financial decisions!

It is prudent for everyone to see a financial planner at least once a year to correct market instability, reassess goals and re-define risk tolerance.  It is undoubtedly a necessary action to take while you are going through divorce.

Unfortunately many couples do not include their financial planner in the discussions concerning finances during their divorce mediation and/or litigation.  This can be a costly error.  A financial planner’s primary responsibility to you as a client is to maximize your portfolio value over the long term and to customize your portfolio based on risk tolerance and time to goals.  Decisions made during the asset allocation portion of divorce proceedings are a critical time for you to understand how this will affect your personal long term savings structure.

Typically many couples have their investments with the same financial advisor.  Divorce proceedings are a great time to select a personal financial planner who can review your current portfolio, make recommendations on a fair and equitable division of the investments, and most importantly guide you on a solid financial plan once the divorce has been finalized.