When you divorce your Illinois spouse, it is going to impact your finances. A divorce has the capacity to impact everything from how much you have saved for retirement to how you file and pay taxes, so the more you are able to get ahead of things and understand these financial implications, the better.
Because the financial implications of divorce are so considerable, Kiplinger notes that many people in your shoes choose to hire financial professionals to help them with various divorce-related matters. Some of the financial professionals who may be able to help you navigate the transition from married to single are as follows.
Certified public accountants
Working with a CPA during your divorce should help you develop a firm grasp of how much your divorce is going to affect your tax obligations. Some CPAs may also undergo training as forensic accountants, making them well-suited for finding hidden assets or income streams your former partner may try to conceal from you.
Certified financial planners
The role of the CFP in a divorce is often two-fold. This type of professional may help you figure out what, if anything, to seek as far as spousal support. He or she may also help you formulate a budget and figure out how to stick to it once your divorce becomes final.
If you, your ex or both of you have business interests, this may complicate the process of asset division. A business valuator helps identify your business’s true worth so that you may figure out how to handle it from there.
A divorce has long-term financial implications. Yet, working with one or more of these financial professionals should help you minimize these implications and set yourself up for a strong financial future.